CMU is one of the most important and prominent initiatives of the Juncker Commission. Key objectives of the CMU are: to unlock the potential of non-bank financing of the economy – especially for SMEs, to decrease Europe’s “bankcentricity” and get closer to the US model of funding. The initiative is also aimed at ending the existing fragmentation of European capital markets and promoting more competitive, more diverse, and better quality financial services. Aside completing the free movement of capital in the single market, the initiative aims to significantly support the EU’s growth & jobs agenda and recovery effort, as well as set the basis for more risk-resilient financial markets, mainly by cross-border risk-sharing in Europe.
Eurosif believes that sustainability concerns and ESG criteria (including corporate governance and shareholder stewardship) should be connected with CMU. Eurosif will monitor developments closely, pushing for its SRI Agenda and aiming to ensure that the CMU framework is linked to Europe’s objectives on smart, sustainable and inclusive growth.
To read Eurosif’s CMU Action Plan position, please click here.