Publication

In a reaction to the European Commission’s paper “Building a Capital Markets Union”, this commentary offers a distinct perspective on the direction in which the EU’s financial market should develop. The authors argue that it is critical for the EU that a single capital market within its Economic and Monetary Union (EMU) be developed. They therefore recommend that a large euro private-sector bond market, funded by savings collectors (insurers, pension funds, etc.) in the EU as well as by those elsewhere in the world, should be the Union's top goal.