Capital markets union

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Opinion

Europe must seize this moment of opportunity

As the EU enjoys a period of growth and relative stability, there is finally room to undertake long-needed reforms. But it is vital to act soon, and priorities must be set. There are three pillars of reform for the coming months: completing a robust euro area; building a coherent EU foreign policy; and harnessing the single market’s potential to deliver strong and inclusive growth.

By: Agnès Bénassy-Quéré, Michael Hüther, Philippe Martin and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: August 12, 2017
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Blog Post

EBA relocation should support a long-term ‘twin peaks’ vision

As the Commission launches a review of European financial supervision, the authors argue that Europe needs to move towards a twin peaks model – dividing supervision of prudential and conduct-of-business issues. But this is a long-term vision, and will require institution building. The immediate priorities are to choose a new home for the EBA and reinforce ESMA.

By: Dirk Schoenmaker and Nicolas Véron Topic: Finance & Financial Regulation Date: April 5, 2017
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Working Paper

Institutional investors and home bias in Europe’s Capital Markets Union

Zsolt Darvas and Dirk Schoenmaker find strong support for the hypothesis that the larger the assets managed by institutional investors, the smaller the home bias and thereby the greater the scope for risk sharing.

By: Zsolt Darvas and Dirk Schoenmaker Topic: Finance & Financial Regulation Date: March 6, 2017
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Blog Post

Brexit should drive integration of EU capital markets

Brexit offers EU-27 countries a chance to take some of London’s financial services activity. But there is also a risk of market fragmentation, which could lead to less effective supervision and higher borrowing costs. To get the most out of Brexit, the EU financial sector needs a beefed up ESMA.

By: Dirk Schoenmaker and Nicolas Véron Topic: Finance & Financial Regulation Date: February 24, 2017
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External Publication

What role for the financial markets in Europe?

The European financial system is too strongly bank-based. How can it be rebalanced to become favourable to growth and employment again? (This paper is only available in French).

By: Grégory Claeys Topic: Finance & Financial Regulation Date: November 16, 2016
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Past Event

Past Event

The impact of the EU regulatory framework for financial services

At this event Jonathan Hill will discuss the results of the European Commission consultation on the EU regulatory framework for financial services

Speakers: Jonathan Hill, Gerhard Schick, Kay Swinburne and Guntram B. Wolff Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 12, 2016
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Past Event

Past Event

How to improve national insolvency regimes

How can we reduce divergencies in national corporate insolvency regimes in order to create an integrated Capital Markets Union?

Speakers: Paul McGhee, Nicolas Véron and Sebastian Mock Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 23, 2016
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Parliamentary Testimony

Dutch Senate

Comments on the Five Presidents' Report

Presentation on the Five Presidents’ Report delivered at the Dutch Senate's Standing Committee for European Affairs, Finance and Economic Affairs on 8 December 2015.

By: Guntram B. Wolff Topic: Dutch Senate, Testimonies Date: December 9, 2015
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Past Event

Past Event

Capital Markets Union: what’s the vision for European debt capital markets?

After the launch of the Commission's Capital Markets Union action plan on September 30, what changes can be realistically expected in Europe’s debt capital markets over the next five to ten years?

Speakers: Harriett Baldwin MP, Nicolas Véron, Katharine Braddick, Colin Ellis, Martin Merlin, Stuart Anderson, Matt Cavanagh and Bruegel Topic: Finance & Financial Regulation Location: 100 Parliament Street, SW1A 2BQ Date: October 21, 2015
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Blog Post

Europe’s Capital Markets Union and the new single market challenge

Nicolas Véron comments on the Capital Markets Union Action Plan launched by the European Commission on 30 September 2015.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: September 30, 2015
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Policy Contribution

Capital Markets Union: a vision for the long term

This Policy Contribution presents facts about EU capital markets, issues that should be taken into account in the development of CMU policy, corresponding policy options over the medium to long term and suggestions for policy implementation and sequencing.

By: Nicolas Véron and Guntram B. Wolff Topic: Finance & Financial Regulation Date: April 23, 2015
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Past Event

Past Event

How fair and effective are our financial markets?

Finance and Financial Regulation

Topic: Finance & Financial Regulation Date: January 21, 2015
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