Europe’s Chimerical Capital-Markets Union

At a time when Europe’s currency union is at risk, and its banking union remains at an early stage of development, the endlessly creative European Commission is embarking on another adventure: a so-called “capital markets union.” Given the current political climate, the new initiative is unlikely to have a transformational impact.

LONDON – The eurozone's survival is in doubt again, as Greece demands debt forgiveness and an end to austerity – or else. But, though Europe's currency union is at risk, and its banking union remains at an early stage of development, the endlessly creative European Commission is embarking on another adventure: a so-called “capital-markets union."

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