Wednesday, 3 February 2016

Europe’s Untapped Capital Market: Rethinking integration after the great financial crisis (CEPS)

In December 2014, ECMI and CEPS formed the European Capital Markets Expert Group (ECMEG) with the aim of providing a long-term contribution to the debate on the Capital Markets Union (CMU) project, proposed by the European Commission. After an intensive, year-long research effort and in-depth discussions with ECMEG members, this final report aims to rethink financial integration policies in the European Union and to devise an EU-wide plan to remove the barriers to greater capital markets integration. It offers a methodology to identify and prioritise cross-border barriers to capital markets integration and provides a set of policy recommendations to improve its key components: price discovery, execution and enforcement of capital markets transactions.

This report was drafted by Diego Valiante, Head of Financial Markets and Institutions at CEPS and Head of Research at ECMI, based on extensive research and discussions with the members of ECMEG, chaired by Francesco Papadia, former Director General of the European Central Bank and other international experts. ECMEG interacted with a broader Task Force including members from industry, as well as observers from EU institutions, national authorities and academia.

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