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

The collapse of SVB: A mix of poor risk management and regulatory failure

Published in:

Commentaries

27.03.2023

The collapse of Silicon Valley Bank (SVB) – which served 50 % of the tech and life sciences start-ups in the US – is the largest institutional failure since the global financial

Unleashing retail investors' potential - the key ingredient for enhancing the EU's investment funds and capital markets

Published in:

Policy Briefs

22.03.2023

The size of EU investment funds and capital markets lags well behind the US.

Clearing made easier and more resilient – but you can't make an omelette without breaking eggs

Published in:

Commentaries

17.02.2023

Further reform of the rules on market infrastructures under the European Market Infrastructures Regulation (EMIR) aims to bring more clearing (from the UK) to the EU.

Study on the Audit Directive and the Audit Regulation

Published in:

Research Reports

14.02.2023

In 2014, the European Union (EU) adopted an important reform of the EU Statutory Audit Market through two legislative instruments: Directive 2014/56/EU amending the first Audit D

More publications

Recent Events

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