AmCham EU has long supported the European Commission’s efforts to develop a deep, frictionless Single Market for financial services, including the first Capital Markets Union (CMU) action plan in 2015. Five years on, in its second CMU action plan, the European Commission outlines a comprehensive strategy to further unlock the potential of capital markets across Europe which AmCham EU also welcomes.
This renewed effort is particularly needed to address the continued fragmented state of Europe’s capital markets which Brexit risks exacerbating and which represents an obstacle to cross-border investments and the efficient allocation of capital. Thriving and globally connected capital markets will play a critical role in the economic recovery from the current crisis.
As such, AmCham EU advocates for increased regulatory coherence underpinned by cross-border regulatory and supervisory co-operation. We believe that openness to wholesale capital flows and market participants will be a key driver to grow and sustain efficient, effective and competitive capital markets in Europe that can support recovery post COVID 19.
The issues addressed in this paper include an analysis of short-term and long-term priority areas and reflect on topics such as the Review of Central Securities Depositories Regulation (CSDR), the European single access point (ESAP), or the listing rules for public markets, to name just a few.