Following a public consultation to gather stakeholders’ views on mid-term achievements and challenges for the Capital Markets Union (“CMU”), the Commission organised a public hearing to discuss further steps.
Discussing in particular the development of sustainable finance, European Commissioner Vice-President Valdis Dombrovskis mentioned that the Commission’s High Level Expert Group will publish a first report by summer 2017 and a final report by the end of the year. Its approach will encompass social and environmental elements.
The public hearing also reflected on the growing potential of FinTech to improve the efficiency of EU capital markets with regard to accessibility, operational costs and innovation.
In addition, the mid-term review of CMU is being impacted by the upcoming exit of the UK from the EU (“Brexit”). As London currently hosts the largest and deepest capital market in the EU, the Commission considers Brexit as an opportunity to reshape European capital markets to the benefit of EU citizens.