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Speech by Jonathan Hill, EU Commissioner for Financial Stability, Financial Services and Capital Markets Union.
"We need to identify the obstacles to a full Capital Markets Union. And then work out how we can overcome them. One part of this will be a proper economic analysis.
But alongside it, I am going to launch a wide public consultation. I will listen to everyone who wants to contribute – parliamentarians, including national parliaments, Member States, citizens, and NGOs, as well of course as the financial sector and end users. Above all, I want to hear opinions from all 28 Member States because this must be a project for all 28.
But before then, there are some immediate and practical steps we can take now.
The first of these is our proposal for European Long Term Investment Funds.
If the co-legislators can adopt the legislation on these funds before the end of the year, as I hope they will, ELTIFs could soon help to mobilise the funding for infrastructure and businesses, particularly SMEs, that Europe so badly needs.
Second, I plan to look at developing an EU framework for high-quality securitisation, building on work already underway in the EU and globally.
Third, I want to examine how we treat covered bonds in our legislation and carry out a global comparison of private placement markets.
Longer term, we need to think about how to give greater access to SME credit information."