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16 October 2015

FeBAF and TheCityUK: increased European competitiveness relies on a Capital Markets Union

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Current topics related to the new developments in the field of CMU and SMEs were discussed at the meeting of AIFSD. Both Italian and British delegations agreed on welcoming the CMU and the EC's securitisation proposal, and on avoiding the FTT.

The importance of early, pragmatic and effective delivery of a Capital Markets Union; joint focus on long-term investment and development of SMEs in Italy, the UK and in Europe; and a European Union that is committed to fair and equal treatment of all Member States – these are just a few of the highlights on which there was a consensus in the third meeting of the Anglo-Italian Financial Services Dialogue.

Both delegations agreed that to increase the competitiveness of the European Union the rapid implementation of some important economic reforms in financial markets is required, even in light of important political events, such as the British referendum on the European Union.

The two business delegations were positive about the prospect of a CMU and the renewed interest in securitisation. It was also agreed that a CMU needs to adhere to a detailed timetable, with dedicated resources – as was demonstrated in the approach taken to the Juncker Plan - that will enable its completion.  There was also agreement on the need to avoid measures such as the Financial Transaction Tax, which will ultimately reduce the attractiveness of European financial markets, have a negative impact on business and directly oppose the objectives of a CMU, which strives to diversify financing sources within the EU.

Full press release

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