Capital Markets Union – Promising Prospects for Corporate Financing?

Simon Schumacher () and Stephan Paul ()
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Simon Schumacher: Ruhr-Universität-Bochum
Stephan Paul: Ruhr-Universität-Bochum

Schmalenbach Business Review, 2017, vol. 18, issue 3, No 5, 289-304

Abstract: Abstract This paper examines the implications of the Capital Markets Union (CMU) for corporate financing. Targeting the convalescence of European economic growth, this major regulatory project significantly changes the financial environment faced by European companies. We use a three-step approach to assess whether the CMU opens promising prospects for corporate financing. We consider the objectives’ consistency and desirability first, the justification of market interventions second and the reforms’ effectiveness and efficiency third. Our findings are mixed. The reforms are justified and effective and strive toward sound objectives. Their efficiency depends on the final design though. The CMU’s overall benefit thus remains to be seen.

Keywords: Capital Markets Union; Corporate Financing in Europe; European Commission Objectives; Regulatory Interventions; Financial Markets Regulation; G18; G38 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/s41464-017-0035-x

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