Comuniq.EU – Financial Services

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by Keith Zahra

 

The EU continued with its efforts to reform the Capital Markets Union with a new report presented by its Chair, Thomas Wieser.  This report sets out 17 recommendations aimed at removing the biggest barriers in the EU’s capital markets and increase European capital markets’ competitiveness.

During the latest video conference of economics and finance ministers, EU Member States exchanged views on the priorities to bring the CMU forward, in particular with a view to overcoming the economic consequences of the Covid-19 crisis and to creating solid EU-based alternatives for capital markets after Brexit. This discussion will feed into the preparations of a new Commission CMU action plan, which is expected to be published by the end of the year.

Strengthening the Capital Markets Union will be among the top priorities of the German Presidency in the economic field. Wieser explained that capital markets have a crucial role to play in the post-Covid recovery, to provide additional funding sources for EU companies and to facilitate the green and digital transformations. The Commission set a goal to agree on a common approach to priorities for the EU Council, looking to further strengthen the initiative by the end of the year.

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