The first 10 years of the Capital Markets Union (CMU) have been marked by minimalistic progress. The unfinished nature of the CMU has direct relevance for the ECB by affecting financing conditions in Member States and eroding the risk-sharing ability of the EMU, imposing a higher burden on the ECB to act as “the only game in town”. It has even bigger implications for the long-term investment opportunities and economic performance of the EU. This calls for a renewed approach and narrative on the CMU to gather political support to move forward. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 30 September 2024
Authors
- Pages
- 37
- Published in
- Belgium
Table of Contents
- LIST OF ABBREVIATIONS 6
- List of figures 7
- List of tables 7
- EXECUTIVE SUMMARY 8
- 1. INTRODUCTION 9
- 2. Evolution of the Capital Markets Union and current state 11
- 2.1. EU and US capital markets 13
- 3. Relevance of the Capital Markets Union for ECB monetary policy 17
- 4. the Way Forward 22
- 5. Conclusion 29
- REFERENCES 30
- ANNEX 34
