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19 January 2015

ESMA(欧州証券市場機構)スティーブン・マイヨール議長、資本市場同盟や国際的な規制の協調を通じた長期・持続可能な成長について演説


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The speech covered the reform of the regulatory system in the EU, Capital Markets Union and international regulatory cooperation.


“Let me first thank the Hong Kong authorities for inviting me to speak at this prestigious event about the important topic of long-term sustainable growth, which is very high on the agenda, both here in the East and in the West.

I will share with you my current thinking on long-term growth from the perspective of an EU securities markets regulator. Let me first start with the regulatory response to the financial crisis and the frequently heard suggestion that this broad response is hampering economic recovery. The broad regulatory response was and is needed to prevent the recurrence of a crisis like the one we have experienced in the past seven years. The financial crisis has seriously destroyed economic growth. Since 2008, the EU has been on a systematically lower growth path, and is now more than 10% under the trend line as expected before the financial crisis started.

An important development high on our current agenda is the strengthening of the role of capital markets. As you will know, for funding our economy, the EU relies heavily on banks, and we want to give more weight to capital market funding. This change is especially urgent for our Small and Medium size enterprises (SMEs), as they historically have strongly depended on bank funding. Therefore, the European Commission has introduced the concept of the Capital Markets Union (CMU) and has announced that it will come with an action plan later this year.

Cooperation is both about controlling and reducing risks and providing economic opportunities in globally integrated financial markets.”

Full speech



© ESMA


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