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21 May 2015

ECB(欧州中央銀行)、欧州委員会の資本市場同盟に関するグリーンペーパーへコメント、欧州株式市場の活性化を主目的とすること、必要に応じて法改正にも踏み込むことなどを提言


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European Central Bank (ECB) says CMU should aim to enable EU economic actors to access the best-suited financing options possible, while safeguarding financial stability.


  • Effective implementation of the Green Paper requires a clear prioritisation of actions and a timetable with specific milestones and targets.
  • CMU should aim for a high level of financial integration that sustainably completes the Single Market in this area.
  • CMU should also seek to create the conditions for the development of capital markets.
  • Financial integration and financial development are distinct but interrelated objectives of CMU.
  • CMU, if well designed and implemented, can contribute to the stability of the financial system and enhance risk sharing.
  • Fostering European equity markets should be a main objective of the CMU.
  • As the CMU agenda progresses, sufficient attention should be devoted to potential new risks to financial stability.
  • Transparency and data availability are essential for close surveillance in the context of safeguarding financial stability and reinforcing financial integration.
  • A single rulebook is needed to enhance the level playing field and support the integration of capital markets in Europe.
  • Legislative action in targeted areas is warranted.
  • Further reducing existing fragmentation in financial market infrastructures will be a key dimension in establishing CMU.
  • CMU warrants a strengthened implementation and enforcement of rules, and an appropriate supervisory framework leading ultimately to a single European capital markets supervisor.
  • CMU is first and foremost an EU - 28 agenda, but enhanced cooperation in some relevant areas could be explored.
  • As CMU is pursued, a broader and strengthened macroprudential toolkit is warranted.
  • Even if a genuine CMU is achieved, banks will continue to play a central role.
  • The ECB will also play a role in this project.

Full publication



© ECB - European Central Bank


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