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A Capital Market Union for Europe
Report

A Capital Market Union for Europe

Ashok Vir Bhatia, Srobona Mitra, Anke Weber, Shekhar Aiyar, Luiza Antoun de Almeida, Cristina Cuervo, André Oliveira Santos and Tryggvi Gudmundsson
IMF, 2019
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Editorial Rating

8

Qualities

  • Analytical
  • Overview
  • For Experts

Recommendation

Creating a European capital market union (CMU) is no small task, but if properly executed, it would allow firms to tap more investment sources and cut their funding costs. This informational briefing from IMF economists highlights the need for EU member states to adopt a supranational mind-set that would encompass cross-border transparency, harmonized regulation and consistent insolvency standards. Policy makers and financial professionals will find many cogent arguments in this authoritative proposal.

Take-Aways

  • In the European Union, businesses and households rely largely on local banks for funding and investing. 
  • The compartmentalized state of Europe’s capital markets translates into fewer efficient options for capital raising and investment.
  • An effective capital markets union requires “transparency, regulatory quality and insolvency practices.”

About the Authors

Ashok Vir Bhatia et al. are economists with the IMF.

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