“Item 10: Policy debate on capital markets union” was one of the points on the agenda of yesterday’s (January 28) meeting of the Commissioners. This policy debate constitutes the very first orientation debate of the college on the Capital Markets Union.
The aim of this initiative announced in mid-July 2014 is to remove barriers to cross-border investment, lower the costs of funding within the EU and consequently facilitate the mobilisation of private financing within the Investment Plan for Europe or the so-called Juncker Plan with its overall objective to support growth and jobs in the EU.
The College concluded that a Green Paper should be adopted next month to consult all interested parties on the way forward and concrete areas for potential action.
“We need to identify the barriers that are stopping capital from flowing and work out how to knock them down one by one. That will be the purpose of the Green Paper we will launch in a few weeks' time,” said Commissioner Hill, responsible for Financial Stability, Financial Services and Capital Markets Union.
According to the Commission’s press release the consultation phase should be broad and inclusive with input from the European Parliament, national parliaments, Member States, citizens, SMEs, the non-governmental sector as well from as the financial sector.
Based on the feedback it receives, the Commission will unveil an Action Plan on the CMU during the third quarter of 2015.
Read the Commission’s press release here.
Do you want to keep your finger on the pulse when it comes to the Capital Markets Union? Then make sure you do not miss the BETTER FINANCE conference "A Capital Markets Union for Growth, Jobs and Citizens". For more information click here.