A Commission official, who confirmed the deadline, added that a large team had already been set up and was working on the project.
Previously, leaked information from a Commission source put the target date for the policy paper as before Christmas this year.
In fact, the Commission plans to arrive at a ‘white’ policy paper before the summer of 2015, as its official target.
Slippage of both dates could be possible, the Commission official admitted.
However, the projected speed makes the new Commission’s motives to succeed with CMU reform clear, with lawmakers conscious of the potential of the initiative to help solve the EU’s economic problems by facilitating cross-border investments.
It was only on 1 November that Jonathan Hill, the new commissioner for financial stability, financial services and capital markets union, was instructed by Jean-Claude Juncker, Commission president, to “develop and integrate capital markets as a source of financing for innovative projects and long-term investment”.
Hill has previously identified the underdeveloped European private pensions market as a hurdle to creating the CMU.
External advisers to the team working on the CMU have recommended that the Commission define policies well ahead of future action.
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