Unlocking Europe's capital markets union

The goal of a capital markets union should be to develop healthy non-bank sources of finance. This should be achieved mainly by liberating, not controlling markets.

View the press release here

Summary

• Jean-Claude Juncker’s European Commission should produce a detailed action plan for the creation of a capital markets union. It should secure the broad support of the European Council and the European Parliament for this plan in early 2015. The key building blocks should all be in place by the time this Commission leaves office in 2019.
• The main goal of this union should be to develop healthy non-bank sources of finance that can drive economic growth and employment across the EU.
• The emphasis should be on lifting barriers that prevent both the growth of capital markets within member-states, and the development of integrated pan-European markets.
• The subsidiarity principle should be respected. This means, in particular, that there is no need to transfer the power to supervise capital markets from national authorities to EU institutions.
• The UK should become an enthusiastic participant in the capital markets union.