IRSG response to Commission Green Paper on building a Capital Markets Union

Published 13/05/2015

The International Regulatory Strategy Group (IRSG) welcomes the European Commission’s ambition to create a single market for capital in Europe to increase competitiveness, jobs and growth for all 28 Member States. This formal response to the Capital Markets Union (CMU) consultation will focus on the ways in which financial markets can better serve Europe’s people and businesses by identifying obstacles to deep and liquid pools of capital and making proposals for the removal of those impediments.

This response by the IRSG is part of an ongoing engagement with the Commission’s CMU project which began at its inception with a statement of the seven principles that should inform a CMU. These are:

1. Dynamic and innovative capital markets can facilitate sustainable economic growth

2. A CMU should include all 28 Member States

3. The global competitiveness of the EU’s financial sector should be maintained

4. Financial stability, investor protection and market integrity are essential elements of

sustainable capital markets

5. Europe can benefit from innovation and new technologies

6. Non-legislative and market-based solutions approaches should be used wherever possible

7. Capital markets development can work in tandem with other policy priorities