Rebranding Capital Markets Union: A market finance action plan

Karel Lannoo and Apostolos Thomadakis

ECMI Papers from Centre for European Policy Studies

Abstract: The European Union needs an action plan to stimulate market finance across EU markets. As the EU is setting its priorities for the next five years, a rigorous assessment of Capital Markets Union (CMU) and a new focus is required. The CMU has been successful in terms of legislation, but much less so in its impact on markets, which remain highly fragmented. Risk capital has barely grown and Europe now finds itself even further behind the United States. This is undermining the competitiveness of the European economies and corporations, as well as the credibility of the project. Set up in December 2018 to examine how to address these failings, this CEPS-ECMI Task Force report stresses the need for political support at the highest level if CMU is to achieve its objectives. It recommends focusing action on the core bond and equity markets, and on promoting the participation of individuals in capital markets while introducing a set of indicators to measure progress towards more market-based finance.

Pages: 70 pages
Date: 2019-06
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eps:ecmiwp:500

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