EU leaders call for a capital markets union

Posted on December 29, 2023 at 4:26 pm

BERLIN, Dec 29 (Reuters) – In an article published mainly on the website of the newspaper Les Echos, representatives of European Union (EU) institutions are calling for greater cooperation and the creation of a “true capital markets union”. .

This text, which marks the 25th anniversary of the single currency, was written by Ursula von der Leyen, President of the European Commission, Roberta Metsola, President of the European Parliament, Charles Michel, President of the European Council, Christine Lagarde, Director of the European Central Bank (ECB) and Paschal Donohoe, President Eurogroups.

In the document, leaders stress the need to work together in the face of “pressing issues of common concern”, particularly “rising geopolitical tensions” and “environmental and digital transitions”.

“Our competitiveness must also face unprecedented threats from energy and industrial policies implemented in other parts of the world,” they add.

They also advocate the creation of a continent-wide capital markets union to mobilize private financing.

“We need to use European policies and tools to improve our competitiveness and security, for example by strengthening existing structures through the revision of fiscal rules and a stronger banking union.

Leaders also propose creating the foundations of a digital euro to complement cash. (Writing by Miranda Murray, French version by Kate Entringer, Editing by Zhifan Liu)

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