Green Paper. Building a Capital Markets Union

Summary:

Green Paper published by the European Commission on 18 February 2015 to formally launch its flagship Capital Markets Union (CMU).

Further information:

The basic aim of the CMU is to link investors and savers with growth. The understanding is that businesses in the European Union (EU) remain heavily reliant on banks for funding and relatively less on capital markets. Stronger capital markets would unlock more investment for all companies and for infrastructure projects; attract more investment into the EU from the rest of the world; make the financial system more stable by opening up a wider range of funding sources.

This Green Paper marks the beginning of a three month consultation focusing on the way forward and concrete areas for potential action. The feedback is to be used to develop an Action Plan to put in place the building blocks for a fully functioning Capital Markets Union by 2019.

Official

EUR-LEX: SWD(2015)13: Staff Working Document accompanying the Communication - Initial reflections on the obstacles to the development of deep and integrated EU capital markets http://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2015:013:FIN

European Commission: Consultations: Building a Capital Markets Union https://ec.europa.eu/finance/consultations/2015/capital-markets-union/index_en.htm

European Commission: Press Release, 18/02/2015: Unlocking Funding for Europe's Growth - European Commission consults on Capital Markets Union https://ec.europa.eu/commission/presscorner/detail/en/IP_15_4433

European Commission: Q&A on the Green Paper on building a Capital Markets Union (18 February 2015) https://ec.europa.eu/commission/presscorner/detail/en/MEMO_15_4434

European Commission: Speech by Jonathan Hill - Unlocking Funding for Europe's Growth (18 February 2015) https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_15_4448

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News

EurActiv, 04/02/2015: European Commission mulls super-regulator for capital markets https://www.euractiv.com/section/uk-europe/news/european-commission-mulls-super-regulator-for-capital-markets/

EurActiv, 18/02/2015: EU law could boost ‘safe’ securitisation https://www.euractiv.com/section/uk-europe/news/eu-law-could-boost-safe-securitisation/

EUObserver, 19/02/2015: EU unveils plan to copy US capital markets model https://euobserver.com/green-economy/127708

EurActiv, 10/03/2015: UK watchdog: EU capital markets plan falls short on investor protection https://www.euractiv.com/section/uk-europe/news/uk-watchdog-eu-capital-markets-plan-falls-short-on-investor-protection/

EurActiv, 21/04/2015: EU finance ministers asked to set Capital Markets Union priorities https://www.euractiv.com/section/euro-finance/news/eu-finance-ministers-asked-to-set-capital-markets-union-priorities/

EurActiv, 21/05/2015: France wants EU’s Capital Markets Union to back ‘European champions’ https://www.euractiv.com/section/innovation-industry/news/france-wants-eu-s-capital-markets-union-to-back-european-champions/

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Commentary and Analysis

Cicero Group: Analysis, February 2015: Unblocking the EU’s capital markets: The European Commission’s Green Paper on the Capital Markets Union https://www.eifr.eu/files/file9516174.pdf

Open Europe: Blog, 18/02/2015: Capital Markets Union – good idea, bad name http://openeurope.org.uk/blog/capital-markets-union-good-idea-bad-name/

London School of Economics (LSE): EUROPP Blog, 23/02/2015: Europe’s proposed capital markets union: how disruptive technologies will drive investment and innovation http://bit.ly/1LuqpNj

EPRS: At a Glance, February 2015: Capital Markets Union [What Think Tanks are thinking] https://www.europarl.europa.eu/thinktank/en/document/EPRS_ATA(2015)550881

Association for Financial Markets in Europe (AFME): Consultation Response, 11/05/2015: Building a Capital Markets Union https://www.afme.eu/portals/0/globalassets/downloads/consultation-responses/cmu-green-paper-response.pdf

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