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Banking fragility rooted in justice failures Evidence from Ukraine
Policy Contribution

Detailed CMU Action Plan, but more (ambition) is required

02 October 2015

Detailed CMU Action Plan, but more (ambition) is required

Author: Karel Lannoo

Series: ECMI Commentary  No. of pp: 3

The concrete outcome of the Commission’s Action Plan for a Capital Markets Union (CMU) consists notably of a call for the removal of constraints to facilitate SME financing and recognition of the need to facilitate infrastructure financing and securitisation through changes to the solvency II Directive and the capital requirements Regulation. However useful these proposals may prove to be, this Commentary finds that they do not address the main problem in Europe’s capital markets, namely that European household savings are not finding their way into more rewarding investments, which is caused by a variety of factors that cannot be easily changed.


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Detailed CMU Action Plan, but more (ambition) is required
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