On with the Capital Markets Union, says ECMI annual conference
The 2016 ECMI Annual Conference was hosted by the National Bank of Belgium on November 9th, organised jointly by ECMI and the Brevan Howard Centre for Financial Analysis at Imperial College Business School. This high level event brought together over 30 academics, policymakers, and market participants to address an audience of over 300 participants from across Europe and beyond to discuss the challenges of creating a genuine European capital market. Four separate sessions with keynote speeches and presentations were followed by panel debates on: i) the consequences of a prolonged low interest rate environment for the financial institutions and the real economy, ii) the suitability of capital markets-based solutions in dealing with the portfolios of non-performing loans straining the banking sector, iii) the need for a single European capital markets supervisor, iv) the impact of the distributed ledger technology on trading and post-trading market infrastructure. Most participants agreed that advancing with the Capital Markets Union (CMU) is even more important in the current economic and political environment. Overall, bolder actions are needed in the coming years, and the mid-term review of the CMU Action Plan (scheduled for 2017) should not be relegated to a mere tick-box exercise.
The event report is available for download here.