Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-10-07-Speech-3-518-000"
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"en.20151007.27.3-518-000"2
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"Mr President, I would like to thank Commissioner Katainen for coming to present the Capital Markets Union (CMU) action plan today, a plan which sets out the ambition to free up capital flows across the EU, and a plan which encourages EU savers to become investors so that they can derive a sustainable income in their old age. Beyond all the detail which I am sure we will debate at length in the much needed review of the Prospectus Directive and the securitisation legislation we are expecting, are several other measures to ensure a more effective single market for financial services. I would suggest that the real measure of success of the CMU will be whether it becomes relevant to all 28 Member States, whether those countries of the EU that currently do not have an active and well-functioning capital market develop one, and whether all countries can nurture a culture of investment at both personal and institutional level to fuel investment in their businesses.
The International Monetary Fund (IMF) recognised a long time ago that functioning capital markets are a precondition for a thriving economy, and it recognises this measure in its country-specific assessments on an annual basis. Therefore, including this kind of criterion in the European Semester in a way analogous to that of the IMF, will be really important. But the CMU should not solely be about legislation, nor should it be about spending money on new institutions to achieve single supervisors. It should be about cultural change so that investors can take appropriate risk, and so that companies do not see bank loans as the only way to finance investment and growth.
Achieving diversity in retail financial products available cross-border will be important, but more time-dependent will be securing a more diverse array of funding models for our businesses to access capital, both equity and debt, via our broad capital markets. We need to ensure that while emerging companies do not always get bank financing they can access other forms of capital from our capital markets. European companies need to grow to be competitive. We need to seek best practice, wherever it may have developed, and remove all existing barriers to capital flow."@en1
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