Over recent years, EU policymakers have expressed the desire for capital markets to comprise a more substantial role as a provider of finance within the European financial system. Post-crisis deleveraging and the shift towards more stringent capital requirements have contributed to constraints on the availability of finance, particularly for SMEs.1 Market finance solutions such as private placement and securitisation have been mooted as alternatives to traditional bank lending for certain customers and purposes. Furthermore, the capital markets channel of financial intermediation is regarded as means of mitigating the economic impact of shocks to the banking system.
The IRSG fully supports the creation of a Capital Markets Union. This briefing sets out 7 guiding principles for the creation of a Capital Markets Union:
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