EU Finance Ministers held their first discussion in camera on Tuesday 6 October on the European Commission’s action plan (see EUROPE 12562/9) to accelerate the establishment of a Capital Markets Union (CMU).
“We need the Capital Markets Union for the economic recovery. It can create more financing opportunities for businesses, especially SMEs, and to help larger companies to thrive”, said Executive Vice-President Valdis Dombrovskis after the meeting.
Encouraged by the ministerial discussion, which he said showed broad support for the Action Plan, he felt that there was a “willingness” on the part of Member States to move forward on even the most difficult issues, such as targeted amendments in the area of insolvency and “to have a fresh look on what needs to be done in the area of supervision”.
According to our information, during the meeting, ministers would have stressed the importance of prioritisation. Among priority areas, they highlighted measures related to providing alternative funding sources to SMEs and alleviating their administrative burden, as well as actions related to green and digital transitions and investor protection. Some ministers would have also stressed the need to avoid focusing mainly on regulation at EU level.
The results of this discussion will feed into conclusions that the Ecofin Council is expected to adopt in December. (Original version in French by Marion Fontana)