Banking Union continues to be finalised and thinking turns to a 'Capital Market Union.'
Work proceeds apace on banking union and the filling in of the detail underlines just how integrative the process is.
This author has been describing for some time the necessary push for the completion of the single market in capital as a `Capital Market Union’ and the use of the phrase by newly elected Commission President Jean Claude Juncker has made it particularly timely. Banking Union is on the statute books and we are sailing toward full implementation. However, few observers recognise the massive pooling of sovereignty implicit in banking union. What if there were an offset? Arguably, there is: a properly-designed capital market union would deepen the single market in finance but simultaneously buffer some of that sovereignty loss. It would be an open union that enables the savers of Europe to make their own choice about where they put their money – and de-centralise both financial and political power.
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© Graham Bishop
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