Stellungnahme des Deutsch-Französischen Rates der Wirtschaftsexperten
Autoren sind:
Camille Landais, Nicolas Véron, David Sraer, Monika Schnitzer, Ulrike Malmendier
Like most advanced economies, the EU is suffering from a long-term decline in growth potential. New opportunities like the Green transition or the rise of Artificial Intelligence have emerged, but our capacity to fund the investments and benefit from these opportunities remains uncertain. Recent crises, like the Great Financial Crisis or the Euro sovereign debt crisis of the mid-2010s, have also highlighted the lack of resilience of our economies in the face of financial shocks. We need to build a stronger, deeper capital market to face these challenges. In other words, the time for a Capital Market Union is now.
Deep and liquid capital markets are essential for providing long-term growth. They help allocate capital to the most productive and innovative companies. Market-based financing fosters investment in new, riskier technologies and in research and development. The European financial architecture however is still excessively bank-based and financial flows remain primarily national. Ten years ago, there was a strong push for a Capital Markets Union (CMU), yet with limited progress. We believe now is the time to make use of current momentum to deliver on the capital markets union’s potential
Five policy actions for a growth-oriented Capital Markets Union
- Simplifying the valuation of foreign assets by harmonising insolvency laws and improving access to information
- Strengthening European supervision of capital markets by reforming ESMA and EIOPA
- Building trust in capital markets by increasing household participation in capital markets through EU-funded investment accounts for children
- Reorienting institutional investors towards European equity markets, including venture capital and private equity
- Increase venture capital funding by channelling additional funds to the European Investment Fund (EIF)
