Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/322022 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
ECB Occasional Paper No. 369
Versionsangabe: 
Revised May 2025
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
The European Union needs a single market for capital. Well-developed and integrated capital markets are necessary to support economic growth and resilience across the region, while offering benefits for businesses, households and financial stability. This paper examines the importance of the CMU for achieving five strategic objectives: supporting innovation and productivity, financing the twin transition, shoring up pension savings, strengthening alternatives to bank financing, and fostering convergence and inclusion. It highlights the progress made over the past decade, the challenges encountered and the renewed impetus behind the CMU initiative. The paper proposes concrete steps for moving forward, building on longstanding priorities supported by the ECB and the current policy debate on the CMU. First, it suggests facilitating access to capital markets by creating a new standard for a European savings and investment product. Second, it emphasises the importance of expanding capital markets across borders. This would be facilitated by making improvements towards achieving a more integrated supervisory ecosystem, establishing an integrated trading and post-trading landscape that leverages potential benefits of the digital transition, and a more active securitisation market that does not compromise on financial stability. Third, the paper highlights the need to channel capital towards innovative and competitive firms by increasing opportunities for equity and venture capital financing. These actions should be complemented by longer-term initiatives. They would include the ongoing commitment to address obstacles stemming from the lack of harmonisation of insolvency laws, corporate and taxation regimes, designing a safe asset for Europe, completing the banking union, and promoting financial literacy and inclusion.
Schlagwörter: 
Financial integration
Convergence
Innovation financing
Capital Markets Union
Savings
economic convergence
economic integration
innovation
financing
twin transition
financial stability
financial supervision
venture capital
financial risk
JEL: 
E61
F36
G18
G24
G51
O16
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-7010-5
Dokumentart: 
Research Report

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