euroeconomie (10)

Stay updated on all the news from

[14/06/2024 07:38] EU to impose additional tariffs of up to 38% on Chinese EVs[07/06/2024 17:24] ECB cuts key rate by quarter point[25/05/2024 12:14] Macron to meet German president in first state visit in 24 years[25/05/2024 11:09] G7 finance summit seeking unity on China and Ukraine[21/05/2024 16:43] The EU Council has definitively approved the AI Act: the world's first law on technology[17/05/2024 08:49] Spring 2024 Economic Forecast: A gradual expansion[10/05/2024 07:34] Happy Europe Day 2024[08/05/2024 19:07] Macron press China's Xi on fair trade at Paris summit[24/04/2024 08:13] European Parliament adopts fiscal rules reform[17/04/2024 21:30] Draghi's reports on Eu competitiveness and Letta on the single market will outline the Eu economic debate[16/04/2024 16:54] MEPs approve reforms to the EU electricity market[16/04/2024 16:45] Parliament adopts reform of the EU gas market[15/04/2024 16:23] Ecofin, Gentiloni: The debt will fall, do not reduce public investments[11/04/2024 15:12] ECB holds rates at record highs, signals upcoming cut[10/04/2024 22:18] Gentiloni: we need to transform the Recovery and Resilience Facility into a permanent resource[07/04/2024 12:06] EU-US: the sixth ministerial meeting of the Trade and Technology Council[04/04/2024 18:50] L'Europa rigenerata dall'economia civile. Il dibattito promosso da Next a Roma[04/04/2024 15:59] I 75 anni della NATO. Stoltenberg : servono 100 miliardi di dollari per Kiev[02/04/2024 21:22] Al via l'ingresso di Bulgaria e Romania nella area Schengen[25/03/2024 22:13] Lagarde ai leader Ue, 'l'inflazione calerà ancora'[25/03/2024 21:51] La Commissione UE innalzerà i dazi sulle auto elettriche prodotte in Cina importate nell'UE[25/03/2024 17:51] Consiglio europeo di marzo: confronto sulle risorse per accrescere le spese militari[25/03/2024 16:57] Gli scenari dei rapporti economici tra UE e Cina. Intervista all'Avvocato Marazzi[13/03/2024 06:33] Eurogroup: Stability Pact rules to be introduced by 2024[06/03/2024 15:02] Western Balkans: six billion euros from the EU for economic convergence[06/03/2024 06:32] CRSD Directive: the need to insist on an EU production system aligned with virtuous models of sustainable development[02/03/2024 21:43] The economy in the program of Nicolas Schmit, spitzenkandidaten of the PSE[27/02/2024 12:34] Lagarde: politics should take further steps towards European integration[24/02/2024 16:28] Draghi to Ecofin: "huge resources are needed for double transition, defense and our models of social cohesion"[24/02/2024 07:27] Eurogroup: reactions to the French appeal on the Capital Markets Union[24/02/2024 07:14] Eurogroup: Le Maire's appeal for the union of the capital market[19/02/2024 12:54] European Commission: President Von der Leyen applies for a second term[17/02/2024 12:58] Pil 2024, Ue lima stime crescita dell'Eurozona[14/02/2024 22:32] Euroeconomie e la Fondazione Buozzi presentano l'ultimo libro di Marco Buti[12/02/2024 16:25] Nuovo Patto di stabilità, trovato l'accordo tra Consiglio e Parlamento europeo

Eurogroup: Le Maire's appeal for the union of the capital market

24/02/2024 07:14


Euroeconomies, eurogruppo, appello di Le Maire, 23 febbraio 2024, unione dei mercati di capitalia, ministro economico francese,

Eurogroup: Le Maire's appeal for the union of the capital market

Three voluntary participation proposals: EU supervision by ESMA, the launch of a EU savings product, and the common 'securitization.'

The Eurogroup met on Friday, February 23 in Flanders in Ghent  The French request to accelerate the EU capital market union


In Ghent, French Minister Bruno Le Maire called on European governments to urgently reach an agreement on the capital market union for further integration. The Parisian economy minister specifically addressed governments that are willing to proceed "on a voluntary basis" in a "new decisive battle, that of growth." With emphasis, the French economy minister evoked the specter of years of stagnation: "No one can accept that European growth is below that of the US. No one can accept that growth prospects in Europe are recession or stagnation."

Le Maire proposed 'a voluntary European oversight that could be exercised by the EU financial markets authority,' the prospect of launching a voluntary European saving product, and common 'voluntary securitization' to mobilize the huge savings available for investment.

Specifically, Paris proposed to the Eurogroup that voluntary European oversight be carried out by the ESMA, the European financial markets authority, with investment banks, stock exchanges, and asset managers adhering to this voluntary supervision.

The second proposal is to establish a European savings product with states that wish to launch it in 2024. A similar product has been likened to the model of the single pension fund already implemented in France, with great success in the markets. The idea is to conduct an experiment as a trailblazer.


The EU must resume growth

According to Le Maire: “European growth must be freed from its chains, and the first chain is money, there is not enough of it available. Europeans' money is sleeping instead of working, and if we want Europeans' money to work instead of sleeping, we must achieve the Capital Markets Union”.

Le Maire's challenge is twofold: to remain competitive with the USA and China while honoring commitments on climate and security, and at the same time, to resume growth.

The private savings of Europeans amount to a significant figure. There are well over 35 trillion euros, with more than a third of this, over 10 trillion, deposited in bank accounts.

The objective of a single capital market dates back to the Treaties of Rome, but it was only in 2015 that the European Commission, following the 2011 crisis, presented its first action plan for the Capital Markets Union. There are still obstacles regarding supervision rules, taxation, and insolvency. It is on these fronts that the French proposal of this February 2024 aims to make the European Union take steps forward that, according to Paris, are necessary to find resources to remain competitive in the global economic landscape.


Antonio De Chiara




Create Website with | Free and Easy Website Builder