European Capital Markets Institute

Time to re-energise the EU's capital markets

Seven years since the launch of the Capital Markets Union (CMU), EU capital markets have neither significantly developed nor become more integrated. Instead, European capital markets are highly fragmented, market financing is limited, while the competitiveness of the financial services sector (and the EU’s economy in general) has been battered.

A new CEPS-ECMI study now calls for a different approach to create a more balanced financial system, which draws more efficiently on market finance and prioritises local capital market development measures.

Formed in April 2022 to examine how to address these failings, a Round Table of eight industry leaders representing market operators and infrastructures, banks, an asset manager, and a corporate entity active in the beverage industry, came together over a period of six months. The study is the result of their discussions, deliberations and research.

“Going forward, we need a pragmatic, measurable, and implementable approach that is based on a mutually beneficial relationship between the EU and all its Member States.”, Lieve Mostrey, Chair of the Round Table and CEO of Euroclear Group

Recent Publications

SVB and Credit Suisse: When rules yield, it is time to change the system

Published in:

Commentaries

01.06.2023

There are two countries (the US and Switzerland), two regulators (the Fed and the Swiss Financial Market Supervisory Authority (FINMA)) and two banks (SVB and Credit Suisse).

Mutual funds hold the key to a genuine capital union in Europe

Published in:

Commentaries

25.05.2023

Not a week goes by without EU policymakers repeating the need for more capital markets financing in Europe.

Tackling offshore tax evasion and avoidance: progress has been made, but this is not enough

Published in:

Policy Briefs

11.05.2023

Offshore tax non-compliance and lost revenues on hidden assets overseas, are long-standing issues.

The Digital Euro Round Table

Published in:

Task Forces

25.04.2023

Issuing a retail central bank digital currency (CBDC) has emerged as a high priority for most of the central banks around the world.

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Recent Events

2023 ECMI Call for papers

CEPS - Centre for European Policy Studies 1 Place du Congrès / Congresplein 1000 Brussels

The European Capital Markets Institute (ECMI) is calling for the submission of research papers in the area of capital markets and their functioning.

The EU’s bank regulatory woes – where do we go from here?

CEPS - Centre for European Policy Studies 1 Place du Congrès / Congresplein 1000 Brussels

The fissures in banking markets have renewed interest in the regulatory approaches over the last few months.

Harnessing high-quality data for climate resilience

CEPS - Centre for European Policy Studies 1 Place du Congrès / Congresplein 1000 Brussels

If we are to take a decisive step towards greater climate resilience, then alongside understanding the physical and transition risks posed by climate change we must also design a

Tackling offshore tax evasion and avoidance

CEPS - Centre for European Policy Studies 1 Place du Congrès / Congresplein 1000 Brussels

Over the past decade, the Organisation for Economic Cooperation and Development (OECD) has led the development of pivotal tax transparency agreements in an effort to put an end t

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