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Brühl, Volker
Gründl, Helmut
Hackethal, Andreas
Kotz, Hans-Helmut
Krahnen, Jan Pieter
Tröger, Tobias
Year of Publication: 
Series/Report no.: 
White Paper Series 27
The European Commission has published a Green Paper outlining possible measures to create a single market for capital in Europe. Our comments on the Commission's capital markets union project use the functional finance approach as a starting point. Policy decisions, according to the functional finance perspective, should be essentially neutral (agnostic) in terms of institutions (level playing field). Our main angle, from which we assess proposals for the capital markets union agenda, are information asymmetries and the agency problems (screening, monitoring) which arise as a result. Within this perspective, we make a number of more specific proposals.
Capital Markets Union
functional finance approach
level playing field
financial services
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Working Paper

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