Capital Markets Union: Final report by High-Level Forum pushes for the completion of the CMU
The High-Level Forum (HLF) on Capital Markets Union (CMU) has today published its final reporton the EU’s Capital Markets Union. It sets out a series of clear recommendations aimed at moving the EU’s capital markets forward. Completing the CMU has now become particularly urgent in order to speed up the EU’s recovery from the coronavirus pandemic. A fully-fledged CMU would help rebuild the EU’s economy, by providing new funding sources for businesses and investment opportunities for Europeans. It will be vital for mobilising much-needed long-term investments in new technologies and infrastructure, to tackle climate change and to deliver Europe’s New Green Deal and Digital Agenda. In today’s final report, the HLF proposes 17 inter-connected ‘game changers’ – measures the EU needs to urgently implement in order to remove the biggest barriers in its capital markets. Valdis Dombrovskis, Executive Vice-President of the Commission and in charge of Financial Stability, Financial Services and Capital Markets Union, said: “The Capital Markets Union is a major element of our post-coronavirus recovery strategy. Savers and investors will play a vital role in getting the economy moving again and they need to have the confidence to invest through capital markets. And companies need to be able to access diversified sources of market-based financing anywhere in the EU. The Capital Markets Union can be a game changer provided we now make meaningful progress – the High-Level Expert Group has provided valuable input to make this happen. The Commission will now carefully consider each of the recommendations ahead of the next CMU Action Plan in early autumn.” Thomas Wieser, Chair of the Forum, added: “The report does not contain abstract ideas or high level principles that should be achieved. Rather, it has very precise and clear recommendations on what should be done in order to move Europe forward. We emphasise that this is not a menu from which one can order two or three courses, and go home satisfied. The 17 clusters of measures are mutually reinforcing, and dependent on each other.” The HLF is made up of 28 high-level capital markets experts. Between now and 30 June, Commission services will seek feedback from stakeholders on today’s report. John Berrigan, Director-General of DG FISMA, and Thomas Wieser are taking part today in a Twitter Live event to discuss the report in more detail.