Deepening the European Union's capital market has become a priority to help the economy recover from COVID-19 and reduce reliance on the City of London, a report for the EU said on Wednesday.
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium, June 5, 2020. REUTERS/Yves Herman
The EU has long sought to encourage companies to issue stocks and bonds to grow. But they still rely on banks for funding after efforts to build a capital markets union failed to make significant headway. It recommended giving extra authority for the EU’s securities and insurance regulators and for streamlining tax and insolvency rules, sensitive areas that have been stumbling blocks in the past.
Britain, Europe’s largest capital market, has left the EU, making the bloc’s economy dependent on a jurisdiction where rules may start to diverge, it said.
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