ECB: What is the goal of the Capital Markets Union?

18 March 2015

Cœuré: "Capital markets are starting again to show some signs of de-fragmentation. Looking forward, the objective of CMU should be to support qualitative integration, rather than quantitative convergence."

Speech by Benoît Cœuré at the conference "The European Capital Markets Union, a viable concept and a real goal?" organised by the Institute for Law and Finance in Frankfurt on 18 March 2015.

Slides from the presentation

Conclusions:

  • The Commission’s Green Paper is very welcome

  • The CMU will play a key role in improving: Allocation of capital and diversification of sources of financing

  • It remains to be seen how ambitious Europe wants to be in developing a genuine capital markets union. While some low hanging fruit should be quickly picked, we need to be bold in our objectives and give ourselves the tools which will ensure that the European Capital Market Union is a reality rather than a name. 

Press release

Full slides


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