"Fragmentation of financial markets harms Europe" - EU Commissioner aims to unify the system to increase competition
The European Union's financial industry faces burdens equal to a 110% tariff due to the fragmentation of the bloc's financial services markets, EU Financial Services Commissioner Maria Luis Albuquerque said.
Discussions on replacing separate financial markets with a Capital Markets Union have dragged on for a decade without much progress. However, in recent months, EU leaders have pledged to intensify efforts in this direction, to increase Europe's competitiveness.
Albuquerque said the European Union should complete the banking union and deepen capital market integration.
Created after the financial crisis, the banking union aims to centralize supervision of large lenders at the European Central Bank, but dilemmas remain in some aspects, such as in the case of a common deposit protection scheme.
A capital markets union would unify national rules on bankruptcies, prospectuses, listing requirements and taxes to make it easier to raise funds in Europe, offering an alternative to large capital markets in the US.
Albuquerque said that cases where Europe has resources and good ideas but "investments are made in the United States" should be reduced.
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