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12 June 2019

Joint communiqué: The Capital Markets Union working group is taking shape

The high-level working group proposed jointly in May by Germany, the Netherlands and France is now taking shape. On 12 June 2019, the first members of the high-level working group were announced. The group’s analysis and recommendations – which will flow into the CMU roadmap – are to be delivered no later than 30 September 2019.

Eurocoins and the european flag enlarge image
Source:  iStock/Cunaplus_M.Faba

On 16 May 2019, the Ministers of Finance of the Netherlands, France and Germany announced the creation of a high-level working group to explore how to deepen and improve the Capital Markets Union.

The members of the high-level working group have now been chosen and will include:

Ms Corien Wortmann-Kool, chairman of the Board of ABP Pensionfund in the Netherlands;

Mr Fabrice Demarigny, chairman of the Board of the European Capital Markets Institute, partner at Mazars SCRL;

Mr Joachim Nagel, member of the Executive Board of KfW, the promotional bank of Germany.

These experts, who combine different experiences and skills, will be joined by a small number of additional experts in the near term.

The high-level working group will outline the strengths and weaknesses of capital markets in the European Union and identify appropriate ways to give the European Union a capacity to better finance the growth of its economy and its businesses. The working group will also assess ways to ensure stable and efficient financial markets in the European Union and highlight ways for Europe to seize all the opportunities of technical innovation and digitalisation in financial services.

The group will report back with analysis and recommendations no later than 30 September 2019. This will feed into a new roadmap for the Capital Markets Union.