|
|
Wim Mijs, Chief Executive of the European Banking Federation, and Olav Jones, Deputy Director General of Insurance Europe commented on the European Commission’s Green Paper on Capital Markets Union and the consultation papers on securitisation and the review of the prospectus directive.
Wim Mijs, Chief Executive of the European Banking Federation, said:
“Capital Markets Union must unlock the latent potential of EU financial markets to support bank funding in the economy. It needs to result in innovative, market-based initiatives that let markets contribute to growth and that instill the confidence companies require to create more jobs.
The success of the CMU project will also depend on how the EU will handle the potentially adverse impact from the proposal to break up banks and the plan to tax financial transactions, seen as measures that will weigh down capital markets. This risks a scenario where the EU goes full throttle with the hand brake on.
Banks fully support growth and jobs initiatives and are keen to see concrete measures to revive securitisation markets as a short-term solution.
Banks welcome CMU as a project that centres on free circulation of capital in the EU and appreciate the renewed focus on reducing fragmentation in EU financial services markets.
Commenting on the publication of the capital markets union consultation document, Olav Jones, Deputy Director General of Insurance Europe, said:
“Insurance Europe welcomes the consultation on the capital markets union. The consultation covers several key areas of importance for insurers, a primary example being the prudential treatment of long-term investments. As Europe’s largest institutional long-term investors, insurers are particularly hopeful that progress can be made to reduce barriers and disincentives to making long-term investments that are so important to ensuring growth and stability in Europe.