Meeting in an inclusive format, the Eurogroup continued its discussions on Capital Markets Union (CMU) on Monday 4 November, focusing on initiatives taken at national level as part of a follow-up programme adopted last May (see EUROPE 13410/7).
“Our officials have reported to us on the work underway in various Member States, highlighting once again the progress to be made in certain areas relating to securitisation or citizen participation”, said the President of the Eurogroup, Paschal Donohoe, at a press conference on Monday evening.
The exchange of experience on national measures focused on the following areas: - sustainable finance; - SME reporting; - equity financing and consolidation; - securitisation; - investment, savings, pensions and financial literacy.
See the working document of the 'Financial services Committee' of the EU Council: https://aeur.eu/f/e6f
M. Donohoe announced agreement on “a structure” that will, from October 2025, help monitor the performance of European capital markets and progress on measures agreed in the Spring and to be taken at European and national levels.
“This is not about reporting, it is about action. But if we don't monitor what's happening, action won't be taken”, he warned.
See the structured monitoring process on CMU: https://aeur.eu/f/e6g
In a declaration on competitiveness approved on Monday (see other news), the European finance ministers once again stressed the “urgency” of strengthening the CMU - among other priorities - in order to mobilise private funds across the EU and thus meet the growing need to finance the green and digital transitions.
“At a time when public finances have been affected by multiple crises and gradual and sustained fiscal consolidation is needed, the necessary investment should come primarily from private sources”, they said.
The ministers stressed the need to reduce fragmentation and regulatory barriers to access to finance. They expect “ambitious” proposals from the new European Commission in this area.
In addition, the ministers reaffirmed their commitment to implementing the thirteen strategic measures identified last March (see EUROPE 13368/3). (Original version in French by Bernard Denuit)