Podcast

The future of Capital Markets Union

Bruegel senior scholar Nicolas Véron speaks with Steven Maijoor, the chair of ESMA, about the future of the Capital Markets Union (CMU), and of the EU's financial supervisory architecture.

By: Date: November 16, 2017 Topic: Finance & Financial Regulation

Bruegel senior scholar Nicolas Véron speaks with Steven Maijoor, the chair of ESMA, about the future of the Capital Markets Union (CMU), and of the EU’s financial supervisory architecture.

Currently, the organisation of the European Supervisory Authorities (ESAs) is based on a sectoral approach with one ESA for each sector: separate authorities for banking, insurance, and securities and markets.

Maijoor’s institution, ESMA, is an independent EU Authority that contributes to safeguarding the stability of the European Union’s financial system by enhancing the protection of investors and promoting stable and orderly financial markets. What does he think about the future of CMU, and the regulatory changes that might entail?

SPEAKERS

Nicolas Véron, senior fellow at Bruegel, and a visiting fellow at the Peterson Institute for International Economics in Washington

Steven Maijoor, chair of ESMA

CREDITS

Produced by Giuseppe Porcaro and Bryn Watkins

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Policy Contribution

A ‘twin peaks’ vision for Europe

The organisation of the European Supervisory Authorities (ESAs) is based on a sectoral approach with one ESA for each sector, with separate authorities for banking, insurance and securities and markets. But is this sectoral approach still valid? This Policy Contribution outlines a long-term vision for the supervisory architecture in the European Union.

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Past Event

Past Event

Financial Stability Conference 2017

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Policy Contribution

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By: Nicolas Véron Topic: Finance & Financial Regulation Date: July 13, 2017
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External Publication

European Parliament

Precautionary recapitalisations: time for a review

Precautionary recapitalisation, a tool for public intervention in the banking sector defined in the Bank Recovery and Resolution Directive (BRRD), is a legitimate instrument for bank crisis management. The conditions set for it by BRRD are restrictive and have so far been effective to prevent its inappropriate use on insolvent banks. Outside of the scope of BRRD, the co-legislators should consider a reform of the EU audit framework to improve audit quality, and the European Stability Mechanism should be empowered to participate in future precautionary recapitalisations.

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Policy Contribution

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By: Dirk Schoenmaker Topic: Finance & Financial Regulation Date: July 10, 2017
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Past Event

Past Event

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Podcast

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By: The Sound of Economics Topic: Global Economics & Governance Date: June 30, 2017
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Past Event

Past Event

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Policy Contribution

German Bundestag

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The combination of banking union and Brexit justifies a reform of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) in the near term, in line with the subsidiarity principle and the accountability of EBA and ESMA and their scrutiny by the European Parliament should be enhanced as a key element of their governance reform.

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Podcast

Podcast

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By: The Sound of Economics Topic: European Macroeconomics & Governance Date: May 11, 2017
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Podcast

Podcast

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By: The Sound of Economics Topic: Finance & Financial Regulation Date: May 5, 2017
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External Publication

The Banking Union: An Overview and Open Issues

Dirk Schoenmaker's chapter in 'The Palgrave Handbook of European Banking', a handbook that collates the expertise and research of leading academic and senior policy makers in the field of European banking

By: Dirk Schoenmaker Topic: Finance & Financial Regulation Date: May 2, 2017
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