The EU responded to the economic and financial crisis that started in 2008 with a series of reforms to ensure financial market stability and to enhance the supervision of financial markets. Boosting jobs, growth and investment is a major priority for the European Union. It is therefore imperative to create a sound basis for an EU financial system that is conducive to growth, jobs and investment. The financial sector has to fulfil its role of financing the real economy.
A key initiative to achieve this objective is the creation of a Capital Markets Union that aims to ensure the development of well-regulated, stable, efficient and globally competitive financial markets in the interest of businesses and consumers. It is also important to complete the Banking Union as part of the deepening EMU process in order to shore up the EU’s resilience against financial crises and protect depositors.
The EESC on Financial Services and Capital Markets
The EESC deems a harmonised, holistic and integrated approach in regulating the financial sector important to create a more level playing field both among the financial institutions and among the Member States, as well as to reduce risks in the financial sector. Reform measures must help strengthen Europe’s prudential and resolution framework for banks and other financial actors. Further risk-sharing in the Banking Union is to be accompanied by further risk reduction. The EESC is convinced that the Capital Markets Union can effectively contribute to creating a robust and stable economic recovery in a more unified regulatory environment.