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Finishing Capital Markets Union

  • Dieter PesendorferEmail author
Chapter

Abstract

The chapter starts with a general introduction to the EU’s Capital Markets Union project, before exploring the background and evolution of capital markets integration in Europe. It continues with analyzing the deeply flawed rational behind the Capital Markets Union and then explores the progress and obstacles in implementing this new and ambitious agenda. The chapter then explores the EU’s new approach towards securitization and shadow banking, criticizing this as a particular concerning aspect of Capital Markets Union. Another key aspect is the EU’s identification of short-termism in contemporary capital and financial markets, the corresponding agenda however is only a flawed and reformist approach with a limited incorporation of sustainable finance. The chapter then explores how the CMU agenda has already been affected by Brexit and what the longer-term impact of losing the EU’s largest capital market might be. The chapter concludes with a section exploring what a more resilient and sustainable Capital Markets Union would look like.

Keywords

Capital Markets Union Market-based finance Sustainable finance Short-termism 

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© The Author(s) 2020

Authors and Affiliations

  1. 1.School of LawQueen’s University BelfastBelfastUK

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