“It is a positive outcome that the European heads of state and government have approved the Eurogroup’s proposal to finally press ahead with capital markets union,” said Heiner Herkenhoff, CEO of the Association of German Banks, about today’s Euro Summit meeting.
“This should serve as the green light for the development of a functioning European capital market. This issue must be a priority for the next EU Commission and must be pursued rigorously. This is the only way to mobilise the additional private capital in Europe we urgently need to finance the digital and green transformation.
The Eurogroup has addressed some important points just in time: A deeper European capital market must be attractive globally and therefore competitive. And securitisations should finally be given the status in the EU that they have elsewhere – as a bridge between the credit and capital markets. Proposals that intervene directly in product development are less helpful. Here, we need solutions that are the result of competition between market participants.”