Towards a capital market union: Striking the balance between economic growth and financial stability

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Towards a capital market union: Striking the balance between economic growth and financial stability

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The new Commission has launched ambitious plans for a Capital Markets Union to create new financing opportunities for small businesses and infrastructure projects. Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, spoke to Friends of Europe about the progress so far.

Having just returned from various consultations on the Capital Markets Union, including in Dublin, Paris and Madrid, Hill said the outlook is encouraging. Reactions in both the most and lesser economically-developed member states have been that the established model was too dependent on bank financing, so having more diversified options is being universally welcomed.

The model will also be complementary to the banks, Hill assured, allowing more lending and a greater engagement in the economy through securitisation measures. The early measures of the Banking Union have meanwhile already made banks more resilient and trustworthy.


IMAGE CREDITS: CC / FLICKR – European Parliament

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Giles Merritt
Giles Merritt

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Giles Merritt is the Founder of Friends of Europe, and was its Secretary General between 1999 and 2015, and its Chairman between 2016 and 2020.

A former Financial Times Brussels Correspondent, Giles Merritt is a journalist, author and broadcaster who has for over four decades specialised in European public policy questions. In 2010 he was named by the Financial Times as one of its 30 most influential “Eurostars”, together with the European Commission’s President and NATO’s Secretary General.

Giles Merritt joined the Financial Times in 1968, and from 1972 until 1983 he was successively FT correspondent in Paris, Dublin/Belfast, and Brussels. From 1984 to 2010 he was a columnist for the International Herald Tribune (IHT), where his Op-Ed page articles ranged widely across EU political and economic issues.

In 1982 he published “World Out of Work”, an award-winning study of unemployment in industrialised countries. In 1991, his second book “The Challenge of Freedom” about the difficulties facing post-communist Eastern Europe was published in four languages. His book “Slippery Slope: Europe’s Troubled Future” (Oxford University Press 2016), was shortlisted for the European Book Prize.

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