A Capital Market Union For Europe

Author : Mr.Ashok Vir Bhatia,Ms.Srobona Mitra,Anke Weber,Mr.Shekhar Aiyar,Luiza Antoun de Almeida,Cristina Cuervo,Mr.Andre O Santos,Tryggvi Gudmundsson
Publisher : International Monetary Fund
Page : 30 pages
File Size : 44,9 Mb
Release : 2019-09-10
Category : Business & Economics
ISBN : 9781513513690

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A Capital Market Union for Europe by Mr.Ashok Vir Bhatia,Ms.Srobona Mitra,Anke Weber,Mr.Shekhar Aiyar,Luiza Antoun de Almeida,Cristina Cuervo,Mr.Andre O Santos,Tryggvi Gudmundsson Pdf

This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national lines. Results include an uneven playing field in terms of corporate funding costs, the rationing out of collateral-constrained firms, and limited shock absorption. The benefits of integration center on expanding financial choice, ultimately to support capital formation and resilience. Capital market development and integration would support a healthy diversity in European finance. Proceeding methodically, the note identifies three key barriers to greater capital market integration in Europe: transparency, regulatory quality, and insolvency practices. Based on these findings, the note urges three policy priorities, focused on the three barriers. There is no roadblock—such steps should prove feasible without a new grand bargain.

Author : Franklin Allen,Ester Faia,Michael Haliassos,Alain Pietrancosta
Publisher : MIT Press
Page : 391 pages
File Size : 41,8 Mb
Release : 2024-03-12
Category : Business & Economics
ISBN : 9780262551489

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Capital Markets Union and Beyond by Franklin Allen,Ester Faia,Michael Haliassos,Alain Pietrancosta Pdf

Experts from economics, finance, law, policy, and banking discuss the design and implementation of a future capital market union in Europe. The plan for further development of Europe's economic and monetary union foresees the creation of a capital market union (CMU)—a single market for capital in the entire Eurozone. The need for citizens and firms of all European countries to have access to funding, together with the pressure to improve the efficiency and risk-sharing opportunities of the financial system in general, put the CMU among the top priorities on the Eurozone's agenda. In this volume, leading academics in economics, finance, and law, along with policy makers and practitioners, discuss the design and implementation of a future CMU. Contributors describe the key design challenges of the CMU; specific opportunities and obstacles for reaching the CMU's goals of increasing the economic well-being of households and the profitability and viability of firms; the role that markets—from the latest fintech developments to traditional equity markets—can play in the future success of CMU; and the institutional framework needed for CMU in the aftermath of the global recession. Contributors Sumit Agarwal, Franklin Allen, Valentina Allotti, Gene Amromin, John Armour, Geert Bekaert, Itzhak Ben-David, Marcello Bianchi, Lorenzo Bini-Smaghi, Claudio Borio, Franziska Bremus, Marina Brogi, Claudia M. Buch, Giacomo Calzolari, Souphala Chomsisengphet, Luca Enriques, Douglas D. Evanoff, Ester Faia, Eilis Ferran, Jeffrey N. Gordon, Michael Haliassos, Campbell R. Harvey, Kathryn Judge, Suzanne Kalss, Valentina Lagasio, Katya Langenbucher, Christian T. Lundblad, Massimo Marchesi, Alexander Michaelides, Stefano Micossi, Emanuel Moench, Mario Nava, Giorgio Barba Navaretti, Giovanna Nicodano, Gianmarco Ottaviano, Marco Pagano, Monica Paiella, Lubos Pastor, Alain Pietrancosta, Richard Portes, Alberto Franco Pozzolo, Stephan Siegel, Wolfe-Georg Ringe, Diego Valiante

Author : Danny Busch,Emilios Avgouleas,Guido Ferrarini
Publisher : Unknown
Page : 128 pages
File Size : 47,9 Mb
Release : 2018
Category : BUSINESS & ECONOMICS
ISBN : 019254330X

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Capital Markets Union in Europe by Danny Busch,Emilios Avgouleas,Guido Ferrarini Pdf

Capital Markets Union in Europe analyses the legal and economic implications of the European Commission's plans to form a Capital Markets Union (CMU) in Europe, which will have a major impact on financial markets and institutions both in the region and beyond. A detailed introductory chapter provides a broad overview of the various aspects and challenges of the CMU proposals, whilst thematically grouped chapters cover the following areas: (i) general aspects, (ii) Brexit, (iii) financing innovation, (iv) raising capital on the capital markets, (v) fostering retail and institutional investment, (vi) leveraging banking capacity to support the wider economy, (vii) facilitating cross-border investing, and (viii) comparative aspects of capital market integration. Written by world renowned experts in the fields of banking and capital markets, including respected academics, with broad practical experience, and leading practitioners, Capital Markets Union in Europe provides high-quality analysis of the legal and economic issues in a practical context. --

Author : Daniel Gros,Karel Lannoo
Publisher : John Wiley & Sons
Page : 216 pages
File Size : 52,9 Mb
Release : 2001-12-11
Category : Business & Economics
ISBN : 9780470842768

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The Euro Capital Market by Daniel Gros,Karel Lannoo Pdf

The authors predict that the impact will be far-reaching, leading to a more liquid, mature and efficient capital market. The structure of capital markets in Europe and the behaviour of actors in these markets will be fundamentally affected, leading to a more integrated market. For monetary union to achieve its real objective, policy makers will need to address a wide variety of outstanding issues, in particular the taxation of savings income, accounting standards, capital market regulation and financial supervision. The start of monetary union on 1 January 1999 launched a process of radical change in the structure of capital markets in Europe. Whereas previously, Europe had been fragmented into many diverse national markets, a single Euro capital market is now emerging. This book focuses on the long-term impact that the introduction of the euro will have on European capital markets and spells out implications for the financial sector and the wider economy. It discusses what further steps need to be taken to achieve a fully integrated market. In particular, the book examines: * The institutional and regulatory framework for European capital markets * The structure of European capital markets on the eve of EMU * The regional differences and the contrasts with the US capital market * The central role played by banks in European capital markets and the likelihood that a more market-based system may emerge * The implications of EMU for organised securities markets * The consequences for governance and policy, and more in particular for the taxation of savings income, securities market regulation and financial supervision

Author : Andreas Dombret,Patrick S. Kenadjian
Publisher : Walter de Gruyter GmbH & Co KG
Page : 136 pages
File Size : 46,8 Mb
Release : 2015-07-31
Category : Law
ISBN : 9783110444643

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The European Capital Markets Union by Andreas Dombret,Patrick S. Kenadjian Pdf

In March 2015, the Institute for Law and Finance in Frankfurt am Main held a full-day symposium which brought together leading representatives of the public and private sectors to deliver the first high level response to the questions posed by the Commission’s Green Paper on Building a Capital Markets Union. These responses are collected in this volume.

Author : Mr.Alessandro Prati,Mr.Garry J. Schinasi
Publisher : International Monetary Fund
Page : 62 pages
File Size : 54,9 Mb
Release : 1997-05-01
Category : Business & Economics
ISBN : 9781451848250

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European Monetary Union and International Capital Markets by Mr.Alessandro Prati,Mr.Garry J. Schinasi Pdf

This paper analyzes the structural implications of EMU for international capital markets. It discusses the potential size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities markets, and aspects of systemic risk management. The implications for wholesale and retail banking markets are also discussed, as are the broader implications of the introduction of the euro for changes in international capital flows, international portfolios, and by implication exchange rates.

Author : Hans-Helmut Kotz,Dorothea Schäfer
Publisher : Unknown
Page : 147 pages
File Size : 51,9 Mb
Release : 2017-11-02
Category : Electronic
ISBN : 3428153596

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EU Capital Markets Union: an Alluring Opportunity Or a Blind Alley? by Hans-Helmut Kotz,Dorothea Schäfer Pdf

Author : Danny Busch,Emilios Avgouleas,Guido Ferrarini
Publisher : Oxford Eu Financial Regulation
Page : 0 pages
File Size : 42,6 Mb
Release : 2018
Category : Law
ISBN : 0198813392

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Capital Markets Union in Europe by Danny Busch,Emilios Avgouleas,Guido Ferrarini Pdf

Capital Markets Union in Europe' analyses the legal and economic aspects of the plans for a Capital Markets Union (CMU) in Europe, which will have a major impact on financial markets and institutions both in the region and beyond.

Author : Zdenek Kudrna
Publisher : Unknown
Page : 128 pages
File Size : 44,8 Mb
Release : 2016-11-03
Category : Electronic
ISBN : 1619775174

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The EU's Capital Markets Union by Zdenek Kudrna Pdf

Author : Diego Valiante
Publisher : Centre for European Policy Studies
Page : 0 pages
File Size : 54,5 Mb
Release : 2016
Category : Capital market
ISBN : 1786600447

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Europe's Untapped Capital Market by Diego Valiante Pdf

This book builds on a year-long discussion with a group of academics, policy-makers and industry experts to provide a long-term contribution to the Capital Markets Union project, launched by the European Commission in 2015. It identifies 36 cross-border barriers to capital mar...

Author : Anonim
Publisher : Oxford University Press
Page : 545 pages
File Size : 47,7 Mb
Release : 2024-03-14
Category : Law
ISBN : 9780192882684

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Regulating EU Capital Markets Union by Anonim Pdf

The current framework of EU regulation concerning capital markets is complex and partly inconsistent in the way that it is applied in the various Member States. Through the Capital Markets Union (CMU) project the European Union is pursuing the goal of establishing a true single market for capital in Europe. Regulating EU Capital Markets Union: Fundamentals of a European Code is the first of a two-volume series proposing the codification of EU legislature as a way to establish this goal. This book analyses all existing capital markets regulation. It explains the idea of codification, looks at the added value of a European Capital Markets Code, discusses key concepts of the current regimes and elaborates on the goals of the future codification act. The work explores the idea that the provisions spread over numerous rulebooks should be brought together in a single legal act in the form of a regulation and organized in a systematic way to reduce complexity thereby facilitating accessibility of capital markets law. Drawing on the experience of academics from various European countries, this volume discusses possible contents of a European Capital Markets Code, addresses approaches to regulatory reforms and explores the role of private enforcement.

Author : Andreas Dombret,Patrick S. Kenadjian
Publisher : Unknown
Page : 85 pages
File Size : 43,6 Mb
Release : 2015
Category : Electronic
ISBN : 3110444658

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The European Capital Markets Union by Andreas Dombret,Patrick S. Kenadjian Pdf

Author : Hans-Helmut Kotz,Dorothea Schäfer
Publisher : Unknown
Page : 102 pages
File Size : 51,5 Mb
Release : 2017-11-10
Category : Electronic
ISBN : 342815360X

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EU Capital Markets Union: an Alluring Opportunity Or a Blind Alley? by Hans-Helmut Kotz,Dorothea Schäfer Pdf

Author : Diego Valiante
Publisher : Unknown
Page : 225 pages
File Size : 44,7 Mb
Release : 2016
Category : Capital market
ISBN : OCLC:937971889

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Europe's Untapped Capital Market by Diego Valiante Pdf

"In the aftermath of the great financial crisis, the lack of risk diversification in the European financial system, i.e. limited cross-border banking and capital markets activities, is the main cause of the fast retrenchment of capital flows within national boundaries. Europe needs private risk sharing mechanisms to withstand asymmetric shocks, such as the recent financial crisis. An EU-wide action to promote competition among national capital markets could free up to €1.8 trillion in cash and deposits to invest cross-border in more profitable and riskier projects to create growth and jobs. In December 2014, ECMI and CEPS formed the European Capital Markets Expert Group (ECMEG) with the aim of providing a long-term contribution to the debate on the Capital Markets Union (CMU) project, proposed by the European Commission. After an intensive, year-long research effort and in-depth discussions with ECMEG members, this final report aims to rethink financial integration policies in the European Union and to devise an EU-wide plan to remove the barriers to greater capital markets integration. It offers a methodology to identify and prioritise cross-border barriers to capital markets integration and provides a set of policy recommendations to improve its key components: price discovery, execution and enforcement.

Author : Elliot Posner
Publisher : Harvard University Press
Page : 236 pages
File Size : 44,8 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780674268906

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The Origins of Europe's New Stock Markets by Elliot Posner Pdf

Between 1995 and 2007, financial elites in more than a dozen western European countries engaged in a cross-border battle to create some twenty new stock markets, many of which were explicitly modeled on the American Nasdaq. The resulting high-risk, high-reward markets facilitated wealth creation, rewarded venture capitalists, and drew major U.S. financial players to Europe. But they also chipped away at the European social compacts between national governments and citizens, opening the door of smaller company finance to the broad trend of marketization and its bounties, and further subjecting European households and family businesses to the rhythms of global capital. Elliot Posner explores the causes of Europe’s emergence as a global financial power, addressing classic and new questions about the origins of markets and their relationship to politics and bureaucracy. In doing so, he attributes the surprising large-scale transformation of Europe’s capital markets to the rise of the European Union as a global political force. The effect of Europe’s financial ascendance will have major ramifications around the world, and Posner’s analysis will push market participants, policymakers, and academics to rethink the sources of financial change in Europe and beyond.