From a Reddit user:

I briefly went through the documents about this and the entire thing is mostly about a push towards a single capital market. The most notable points are:

• Launch of an EU-wide, auto-enrollment to Long Term Savings Product, which looks like a pension fund/savings account where citizens of the EU will be able to invest, leveraging tax incentives

• Harmonisation of EU Member States’ regulatory frameworks

• Implementation of an EU-wide capital market access-point for small and medium enterprises so that they can have access to capital from the entire EU

• Rollback of some red tape around the scrutinisation frameworks

• Creation of European Green Guarantee - an EU-wide scheme of guarantees for banks to mitigate lending risks to help green investment projects and companies get liquidity

• Introduction of a new scheme combining the European Long Term Fund with tax incentives

• Pan-European payment infrastructure with the Digital Euro

• Widespread availability of supranational AAA EU Bonds to increase flexibility of the European Central Bank

https://www.reddit.com/r/europe/comments/1ilmxfn/comment/mbwsdbj/

But the article is worth reading

“It’s not against the American credit card, it’s about the fact that we are not able in Europe to build up European credit cards,” Letta said, estimating that some $300 billion a year in European savings are going into the US financial market, to a US company.

This annoys me even in Australia