On Friday 28 April, in Stockholm, the European Commissioner for Financial Services, Mairead McGuinness, the Chair of the European Parliament’s Committee on Economic and Monetary Affairs, Irene Tinagli, and the Swedish, Belgian and Spanish Ministers for Economic and Financial Affairs affirmed their commitment to finalising all legislative work on the Capital Markets Union (CMU) before the next European Parliament elections in 2024.
“We must redouble our efforts to achieve a true EU-wide single capital market by delivering on the initiatives that have been identified as soon as possible”, said Ms McGuinness, Ms Tinagli and the Ministers.
“This is a decisive and necessary step for Europe”, added French Finance Minister Bruno Le Maire at a meeting of euro area finance ministers (see other news).
The focus, they say, will be on the seven or so legislative proposals currently under interinstitutional negotiation, including the revision of the MiFID Directive and the MiFIR Regulation (see EUROPE 13132/18), governing the markets in financial instruments and the European Single Access Point (ESAP), which is intended to facilitate access to information on EU companies and financial products (see EUROPE 13111/18).
In addition, several legislative proposals on Capital Markets Union will be presented by the Commission in the coming weeks. The Commission is expected to unveil its investment package on 24 May, including the future retail investment strategy (see EUROPE 13171/15) and a framework for improving investment in the retail sector. On 28 June, another legislative package on access to data in financial services is also expected to be presented. (Original version in French by Thomas Mangin)