Bruegel published this Policy Contribution last Friday, in which André Sapir, Guntram Wolff and I suggest priorities to advance the European Union's project of a Capital Markets Union (CMU). CMU was announced with great fanfare in 2014 but has remained a largely rhetorical proposition for lack of clarity about the objectives and approach. We suggest front-loading a reform of ESMA (the European Securities and Markets Authority, established in 2011) to make it a catalyst of further progress towards CMU. André and Guntram presented the paper to EU finance ministers and central bank governors, and answered their questions and feedback, at the Informal ECOFIN meeting in Sofia on Friday.
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