Light and shadows in Europe’s new Action Plan for Capital Markets Union. ECMI Commentary No. 40/5 October 2015
Data(s) |
01/10/2015
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Resumo |
The European Commission’s Action Plan consists, in a nutshell, of a short list of technical proposals and a longer one of (rather general) potential actions. Overall, the plan indeed proposes to achieve some short-term objectives, such as a reduction of listing costs for SMEs, but it lacks long-term vision. The plan bundles actions under rather generic objectives of long-term finance or cross-border investing. Improving the informational infrastructure (e.g. accounting standards, company data) and cross-border enforcement of rules is left to vaguely defined future actions, but these constitute the core of the capital markets infrastructure. Without a well-defined set of measurable objectives, the whole plan may lose political momentum and become an opportunity for interested parties to cherry pick their pet provisions. Building a single market, i.e. removing cross-border obstacles to capital circulation, is too challenging a task to simply appear as one of many items on a long list of general objectives, which incidentally do not include institutional reform. The ultimate risk is that the Commission may just miss a unique opportunity to revamp and improve the financial integration process in Europe after almost a decade of harmful financial retrenchment. |
Formato |
application/pdf |
Identificador |
http://aei.pitt.edu/67884/1/ECMI_CommNo40DV_CMU__ActionPlan_0.pdf Valiante, Diego. (2015) Light and shadows in Europe’s new Action Plan for Capital Markets Union. ECMI Commentary No. 40/5 October 2015. [Policy Paper] |
Relação |
http://www.ceps.eu/publications/light-and-shadows-europe%E2%80%99s-new-action-plan-capital-markets-union http://aei.pitt.edu/67884/ |
Palavras-Chave | #capital, goods, services, workers |
Tipo |
Policy Paper NonPeerReviewed |