When it comes to Europe's capital markets, the largest pools of liquidity remain located in London, and no one yet knows how Britain's withdrawal from the European Union will affect them. As signs of a slowdown in the European economy emerge, the need to refocus attention on a capital markets union is becoming more urgent.
LONDON – On September 30, 2015, in those far-off days when the United Kingdom was a fully-fledged member of the European Union, then-European Commissioner Jonathan Hill announced the launch of a new initiative called the “capital markets union.” Almost 60 years of European construction had still not created anything approaching a single market for investment, and in many EU countries capital markets remained weak and underdeveloped. The worthy aim, Hill wrote, was “to identify the barriers to the cross-border flow of investment,” and “work out how to overcome them step by step.”
LONDON – On September 30, 2015, in those far-off days when the United Kingdom was a fully-fledged member of the European Union, then-European Commissioner Jonathan Hill announced the launch of a new initiative called the “capital markets union.” Almost 60 years of European construction had still not created anything approaching a single market for investment, and in many EU countries capital markets remained weak and underdeveloped. The worthy aim, Hill wrote, was “to identify the barriers to the cross-border flow of investment,” and “work out how to overcome them step by step.”