European Financial Integration: Monetary Union, Banking Union, Capital Markets Union

2017 ◽  
pp. 565-573
Author(s):  
Andreas Dombret
Keyword(s):  
Monetary Union ◽  
Capital Markets ◽  
Financial Integration ◽  
Banking Union ◽  
Capital Markets Union ◽  
European Financial Integration

Financial Market Integration and EMU

2020 ◽  
Author(s):  
Kern Alexander
Keyword(s):  
Market Integration ◽  
Banking Sector ◽  
Financial Integration ◽  
Banking Union ◽  
Shadow Banking ◽  
The European Union ◽  
Financial Market Integration ◽  
Banking Market ◽  
Capital Markets Union ◽  
European Banking

This chapter discusses the evolution of the market structure in European banking and the level of financial integration in the Eurozone and the interaction with financial regulatory developments. The chapter will address how the creation of the Banking Union’s Single Supervisory Mechanism (SSM) has affected banking market integration in the Eurozone. The chapter also raises related issues concerning monetary policy and banking supervision and some of the challenges in discharging these responsibilities within the Banking Union. This chapter also analyses the Capital Markets Union (CMU) proposal in respect of its important objective to increase the supply of credit from non-bank financial intermediaries to the economy of the European Union (EU) while also raising important prudential regulatory concerns concerning the risks raised by the shadow banking sector.

CMU and the Deepening of Financial Integration

2018 ◽  
Author(s):  
Diego Valiante
Keyword(s):  
United States ◽  
Capital Markets ◽  
Economic History ◽  
Financial Integration ◽  
Significant Risk ◽  
The United States ◽  
Single Market ◽  
Policy Framework ◽  
The Eu ◽  
European Financial Integration

The integration of capital markets in the EU is a long-term and complex task that is far from being completed. A comparative analysis with capital markets integration and development in the United States can offer insights on how the EU can develop its policy framework to achieve a single market for capital. This chapter begins with a brief review of the history of European financial integration policies since its inception in 1957. It then illustrates how capital markets can provide significant risk absorption against exogenous shocks. Finally, it presents a brief overview of the United States' economic history between 1860s and 1930s. Analogies can be found with the European financial integration process, as well as benchmarks to identify areas where European policies can do more to promote a Single Market for capital.

scholarly journals Capital Markets Union: A Vision for the Long Term

2016 ◽  
Vol 2 (1) ◽  
pp. 130-153 ◽  
Author(s):  
Nicolas Véron ◽  
Guntram B. Wolff
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Financial Stability ◽  
Financial Integration ◽  
Bank Lending ◽  
The European Union ◽  
Short Term ◽  
Capital Markets Union ◽  
Improve Access

Abstract Capital Markets Union (CMU) is a welcome economic policy initiative. If well designed and implemented, it can improve access to funding, the allocation of capital, prospects for savers, and financial stability in the European Union. But since financial ecosystems only change slowly, CMU cannot be a short-term cyclical instrument to substitute for subdued bank lending. Shifting financial intermediation towards capital markets will require persistent action on multiple fronts. The policy agenda should aim to enhance both capital markets development and cross-border financial integration, two distinct but mutually reinforcing aims; to increase the transparency, reliability, and comparability of information, a key enabler of trust in financial markets which always involve information asymmetries; and to adequately address financial stability concerns. We propose a staged process to sustain the momentum and make Europe’s CMU fully worthy of its 'union' label.

From governance to government: Banking union, capital markets union and the new EU

2018 ◽  
Vol 22 (2) ◽  
pp. 205-224 ◽  
Author(s):  
Rachel Epstein ◽  
Martin Rhodes
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
National Level ◽  
Banking Union ◽  
European Banking Union ◽  
Banking Market ◽  
Capital Markets Union ◽  
European Banking ◽  
National Governments ◽  
Supranational Institutions

European banking union and Capital markets union have emerged as two of the key pillars of European integration since the post-2008 financial crisis. Neither were anticipated prior to the financial crisis, nor was the rapidity of their construction. Both imply the same critical shifts in Europe’s institutional political economy. The first relocates national oversight and authority to supranational institutions (a political shift), while the second increases the power and responsibility of market actors by reducing national controls (an economic shift). If banking union aims to break the hold of national governments over banking entities to foster a less fragmented and more efficient European union banking market, capital markets union aims to remove national-level impediments to a single market for capital in which jurisdictional differences are minimized, investor freedoms maximized and business gains access to a greater range of financial resources.

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