Bruegel today published a Policy Contribution in which I explore the EU's "concept under construction" of a Capital Markets Union. I argue that to make a meaningful (and positive) impact, the corresponding policy agenda must be much more ambitious than tinkering at the edges of securities regulation, and should include politically difficult areas such as corporate financial disclosure requirements, the supervision and resolution of financial market infrastructure firms, insolvency and debt restructuring frameworks, and tax.
A revised version of this paper was included in a collective e-book of the Peterson Institute on December 9, on policies to revive Europe's anaemic growth.
Click here to download the study if the above link doe not work.
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