The European Union is stepping up efforts to revive the capital market and has set a goal to promote pension fund investments by the end of the year.

The European Union has set a year-end deadline to promote pension fund investments and simplify transactions, with officials working hard to inject momentum into the revival of the European capital markets. EU Financial Services Commissioner Maria Luis Albuquerque announced these plans on Thursday. She also announced that the European Commission is considering granting direct supervisory powers to its top market regulator the European Securities and Markets Authority based in Paris. Albuquerque said at a meeting in Copenhagen, "The goal is to eliminate cross-border barriers, reduce administrative costs, and simplify rules." Albuquerque stated that as regulatory powers are transferred to the European Securities and Markets Authority, the European Commission will consider the feasibility of central supervision of specific market infrastructures. She added that emerging areas such as cryptocurrency service providers will benefit from more concentrated supervision, and noted that this move will not marginalize national regulatory authorities.