On the 4th of June, COFACE-Families Europe held a financial inclusion meeting to discuss key priorities in financial inclusion at the European level, learn about political developments and the “Reset Finance” campaign from Finance Watch, and share good practices through the work of COFACE’s Spanish member Isadora Duncan. The event gathered members and attendees from across Europe to address the pressing issues faced by families in Europe related to economics and finance.
COFACE Senior Policy and Advocacy Manager, Martin Schmalzried updated the members on pressing challenges at EU level, starting with ensuring access to basic banking services across Europe. Despite progress, many families still face barriers such as high fees, limited awareness among both staff and consumers, and stringent access criteria. He proposed several solutions, including fee caps, mandatory offers of basic accounts by banks, and creating limited functionality accounts when full documentation is not available. The future plans discussed included a focus on personal insolvency, the digital euro, the right to cash, the enforcement of the MiCA framework, and advocating for strong consumer representation in open finance.
The “Reset Finance” Campaign
Paul Fox outlined the “Reset Finance” campaign from Finance Watch which is aimed at redefining financial regulations to safeguard against failing institutions and future crises, particularly in the context of the upcoming EU elections. The campaign’s objectives are to increase visibility, create networking opportunities, and set agendas. Key priorities include ending extractive financial practices, ensuring full and equal participation in financial services, and advocating for a harmonised EU personal insolvency scheme to tackle household over-indebtedness.
Isadora Duncan’s Contributions to Financial Inclusion
Sonsoles Reviriego shared insights from the Isadora Duncan Foundation, which focuses on supporting single-parent families and women in vulnerable situations. The foundation’s programs offer social guidance, legal advice, and financial education, aiming to empower economically disadvantaged groups. Notably, their initiatives include addressing gender violence, providing economic support, and facilitating access to financial services through educational programs and personalized support.
Next Steps
The meeting concluded with a commitment to follow ongoing developments at the EU level in the field of financial inclusion, as well as continue closely cooperating with allied organizations like Finance Watch and Financial Inclusion Europe. Attendees were encouraged to engage with the proposed campaigns and contribute to the advocacy efforts aimed at shaping EU policies for better financial inclusion of all families.
For more information contact COFACE Senior Policy and Advocacy Manager, Martin Schmalzried: mschmalzried@coface-eu.org
