Advisers to the commission are calling on member states to slash what they call “unnecessary” red tape to ease the consolidation of the continent’s army of asset managers, which are vastly outgunned by U.S. giants such as BlackRock, Vanguard and Fidelity.

They also want to see member states introduce tax breaks for investors and pension funds, especially those who put their money into European financial assets — not just stocks, but in bonds and venture funding for private companies. Another idea being floated is to create Europe-wide investment and savings plans to bolster retail investing in Europe.

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