In a draft statement dated 12 February, of which EUROPE has obtained a copy, the Eurogroup, together with the finance ministers of all the Member States (in what is known as the “inclusive” format), stresses the importance of a strengthened Capital Markets Union (CMU) for the future of the EU.
“If the development of European capital markets is not addressed urgently, Europe is at risk of falling behind globally in terms of competitiveness, growth, and prosperity of its citizens”, reads the draft statement of the Eurogroup in inclusive format, which is calling the EU’s action plans for a CMU “insufficient”.
The EU27 Finance Ministers, together with the European Commission and the European Central Bank, are therefore identifying three priority areas for action that could be the subject of new measures favourable to the operation of the CMU with a view to the next legislative cycle 2024-2029.
On the one hand, the ministers propose that the measures relate to the architecture of the CMU, with a “competitive, streamlined and smart” regulatory framework and, on the other, that they ensure better access to funding for EU businesses. Finally, these measures should “create better opportunities for EU citizens to access investment”, while ensuring their security.
The text also lists 12 measures to be implemented. The Eurogroup in inclusive format expresses its intention “to monitor and evaluate progress achieved at national and EU level”.
It also calls on the Member States to “swiftly” implement the legislative texts supporting the CMU project and already adopted by the EU institutions.
Link to the draft Eurogroup statement in inclusive format: https://aeur.eu/f/axc (Original version in French by Bernard Denuit)