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Creating a True Capital Market Union

  Add to Calendar 2020-03-09 16:00 2020-03-09 19:00 Europe/Paris Creating a True Capital Market Union

There is a broad consensus among policy makers, academics and market practitioners that the Eurozone requires a deep and liquid capital market to foster economic integration, to absorb shocks and to support growth. However, there is little understanding of what needs to be done to achieve such a goal. A comparison with the US experience shows that there are some necessary conditions that need to be met for a true capital market to be created. I will mention five: i) the complementarity with full banking union; ii) the creation of a safe asset; iii) the support of public schemes for lending, in particular to SMEs; iv) a regulatory environment that allows for market-making; v) a unified supervisory framework. Unless the member states are willing to adopt concrete steps in these areas, the CMU will not be created. This is the reason why the European Commission has to be clear and outspoken in presenting policy makers with clear and bold proposals.

The lecture is in Italian with simultaneous translation in English and is live streamed.

The event is organised by the Florence School of Banking and Finance, Fondazione CESIFIN Alberto Predieri and Fondazione CR Firenze

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There is a broad consensus among policy makers, academics and market practitioners that the Eurozone requires a deep and liquid capital market to foster economic integration, to absorb shocks and to support growth. However, there is little understanding of what needs to be done to achieve such a goal. A comparison with the US experience shows that there are some necessary conditions that need to be met for a true capital market to be created. I will mention five: i) the complementarity with full banking union; ii) the creation of a safe asset; iii) the support of public schemes for lending, in particular to SMEs; iv) a regulatory environment that allows for market-making; v) a unified supervisory framework. Unless the member states are willing to adopt concrete steps in these areas, the CMU will not be created. This is the reason why the European Commission has to be clear and outspoken in presenting policy makers with clear and bold proposals.

The lecture is in Italian with simultaneous translation in English and is live streamed.

The event is organised by the Florence School of Banking and Finance, Fondazione CESIFIN Alberto Predieri and Fondazione CR Firenze


Location:
-

Affiliation:
Robert Schuman Centre for Advanced Studies

Type:
Lecture

Organiser:
Florence School of Banking and Finance

Speaker:
Lorenzo Bini Smaghi (Société Générale)

Contact:
Jan Trevisan (EUI - Florence School of Banking and Finance) - Send a mail

Links:
Lorenzo Bini Smaghi
Palazzo Incontri, Via de' Pucci, 1, 50123 Firenze FI
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