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In the aftermath of the European financial crisis, the lack of risk diversification in the financial system is the main cause of the fast retrenchment of capital flows within national boundaries. Europe needs private risk sharing mechanisms to withstand asymmetric shocks, such as the recent financial crisis. In December 2014, ECMI and CEPS formed the European Capital Markets Expert Group (ECMEG) with the aim of providing a long-term contribution to the debate on the Capital Markets Union (CMU) project, proposed by the European Commission.
This final report aims to rethink financial integration policies in the European Union and to devise an EU-wide plan to remove the barriers to greater capital markets integration. It offers a methodology to identify and prioritize cross-border barriers to capital markets integration and provides a set of policy recommendations to improve its key components: price discovery, execution and enforcement.
Speakers: Mario Puchetta, Researcher at the University of Nothingham; Maria La Torre, Assistant Professor, Department of Applied Economics at UCM; Jose M. Martinez Sierra, Jean Monnet ad Personam Professor in EU Law and Government and RCC Director; Diego Gonzalez Cadenas, Postdoctoral Researcher, Institute for Global Law and Policy, Harvard Law School.