Capital markets union in Europe : why other unions must lead the way

Acharya, Viral V. ; Steffen, Sascha

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URN: urn:nbn:de:bsz:180-madoc-437891
Document Type: Working paper
Year of publication: 2016
The title of a journal, publication series: ZEW policy brief
Volume: 2016-04
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
Business School > Finanzmärkte (Steffen 2009-2011,2016-2017)
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW policy brief
Subject: 330 Economics
Abstract: In 2016, the Eurozone is still coping with the consequences of two financial crises that revealed the shortcomings of an incomplete monetary union. The European economy suffered two severe recessions and a sustainable growth path is still elusive. Risks in the banking system and a severe banking sector debt-overhang played a major role in both crises as Eurozone firms are heavily reliant on bank financing. To foster economic growth in the Eurozone, the European Commission suggested the creation of a capital markets union, in which local capital markets are developed further and integrated across borders as alternative sources for corporate finance. In this paper, we argue that a capital markets union cannot work without a banking union and fiscal union in place.

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