CMU review hints at federal Europe future

Author: Lizzie Meager | Published: 8 Jun 2017

A midterm review of the capital markets union (CMU), one of the EU’s most ambitious projects, implies a more federal approach to EU legislation going forward. Market participants believe the paper, which puts investment firms at the heart of the CMU, is overall positive.

The stocktake sets out nine new priority areas. Central to these is a review of the role played by European supervisory authorities (ESAs), which may come as little surprise to the market given the rhetoric from Brussels since the UK voted to leave the EU.

Greater convergence ahead for EU member states Members of European Parliament (MEPs) and staff at the regulators themselves have made it clear over the past year that European authorities, most notably the European Securities and Markets Authority (Esma), will need greater supervisory powers in a post-Brexit world. They’re concerned national regulators are competing on regulatory and supervisory standards as they...



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