On Tuesday 19 August, Mary Pieterse-Bloem, Professor of Financial Markets at Erasmus School of Economics, appeared on the BNR Investors Panel together with Thijs Knaap, Chief Economist at APG. They looked ahead to new European plans to encourage citizens to invest more, and discussed what could be a busy autumn for the stock markets.
European Commission aims to get savers investing
The European Commission is developing plans to encourage Europeans to save less and invest more. According to Thijs Knaap this could be successful: ‘In Sweden, investing has almost become a national sport. They have introduced special tax-advantaged accounts that make it accessible to everyone.’
The situation in the Netherlands is different. Much wealth is tied up in pension funds, while private investments are discouraged by warnings about risk. According to Pieterse-Bloem, a friendly fiscal treatment would be helpful. ‘It provides individuals with higher average returns and also stimulates the economy.’
Apple chooses India over China
Another key topic is the shift in global production chains. Knaap points out that Apple has moved most of the production of the iPhone 17 to India. While India also imposes import tariffs, electronics are exempted. ‘We are now seeing the first tangible effects,’ Knaap said.
The question is how companies should deal with duties that can change frequently. Apple is choosing flexibility in its supply chain. China responded by prohibiting technicians from working in Indian factories.
Busy autumn ahead for stock markets
According to Goldman Sachs, European stock markets can expect a busy autumn with more initial public offerings (IPOs). Conditions are favourable: investors will have more choices, while much capital in recent years has flowed into private equity. Pieterse-Bloem advocates a combination of private and public funding.
However, bureaucratic red tape remains an issue. Companies wishing to list often have to navigate the same process multiple times for different European markets. ‘This could be made simpler,’ states Pieterse-Bloem.
Activist investors avoid the Netherlands
Finally, the panel highlights the growing role of activist investors, such as Swedish Cevian Capital, in parts of Europe. They buy stakes in companies to push for strategic changes. In the Netherlands, however, they largely stay away. The Rhineland model distributes power across shareholders, trade unions, and management, limiting the direct influence of investors. Moreover, large shareholdings are needed to exert real pressure. For the time being, activist investors are therefore seeking opportunities elsewhere in Europe.
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- More information
You can listen to the full episode from BNR Nieuwsradio, 19 August 2025, here (in Dutch).
For more information, please contact Ronald de Groot, Media & Public Relations Officer at Erasmus School of Economics: rdegroot@ese.eur.nl, mobile: +31 6 53 641 846.
