Placing European citizens at the heart of the Capital Markets Union project

Bernard DELBECQUE Director of EFAMA (European Fund and Asset Management Association) [vc_btn title= »Télécharger l’article » style= »outline » color= »primary » align= »right » i_icon_fontawesome= »fa fa-file-pdf-o » add_icon= »true » link= »url:http%3A%2F%2Fconfrontations.org%2Fwp-content%2Fuploads%2F2017%2F10%2FConfrontations-Europe-n%C2%B0-119-PDF-BD-p22.pdf||target:%20_blank| »] The Capital Markets Union (CMU) is an integral part of the European Commission’s Investment Plan for Europe to boost jobs and growth.  To put it simply, the CMU aims to strengthen the link between savings, investment and growth by promoting more diversified funding channels to the real economy, thereby reducing reliance on bank lending. No single action will deliver a CMU.  Instead a series of measures are needed to increase the share of European savings channeled through the capital markets.  These measures tend to be discussed by policy makers and industry representatives, without much buy-in from citizens.  This is not surprising as the issues are very technical, in particular those concerning cross-border investment, such as insolvency, tax and securities law, or relating to the regulatory capital charges and the