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Title: The Capital Markets Union: Key Challenges

Author(s): Franklin Allen and Lubos Pástor

Publication Date: February 2018

Keyword(s): Capital Markets Union

Programme Area(s): Financial Economics

Abstract: In September 2015, the European Commission announced the first actions of its plan to build a Capital Markets Union in Europe. We describe the key features of the Commission's plan and discuss the economic rationale behind it. The plan has many strengths but also some weaknesses, such as limited ambition in the supervision and enforcement of securities regulations. Other challenges to the development of European capital markets include the financial transactions tax, the low-interest-rate environment, cultural reasons, and potential political opposition.

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Bibliographic Reference

Allen, F and Pástor, L. 2018. 'The Capital Markets Union: Key Challenges'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=12761