Work has started. In fact on 26 September we are holding a reinsurance open day in Brussels to hear all interested parties on what type of supervision we need for this particular industry. It is hard to overestimate the social and economic importance of pensions. Each Member State must find its own solution. The role of the EU is to provide a framework to make management and investment as secure and efficient as possible.
More efficiency means affordability.
Simple but important. The Commission will shortly adopt a proposal that sets out a framework. This framework takes into account the concerns of insurers about a level playing field between insurance and other pension providers. Let me now turn more specifically to e-commerce and insurance. E-commerce has the potential to revolutionise the way all business is conducted.