Bankers are calling for the capital markets union to be completed quickly

by time news

Aou top bankers believe that Europe is making far too slow progress on its way to a capital markets union. Without uniform capital markets in the international community, investments and innovations too often flow to the USA, criticized Deutsche Bank boss Christian Sewing and BNP Paribas board of directors Jean Lemierre on Friday at the virtual branch meeting European Banking Congress (EBC) in Frankfurt.

“European insurance companies do not find the opportunities for liquid investments in Europe,” criticized Lemierre. Start-up companies also often move to the USA to secure financing. That is absurd. Sewing pointed out that the corona vaccine manufacturer Biontech from Mainz went public in New York and not in Europe. “That has to change, because at some point, if the funding is done elsewhere, I tell you, then the technology will also be somewhere else.” That would mean that Europe would lose its competitiveness.

The heads of numerous big banks have been appealing to politicians for a long time to tackle the stalled plans for unified financial markets in Europe. SPD Chancellor candidate Olaf Scholz recently spoke out in favor of getting the capital markets union off the ground swiftly. In some EU countries, however, there are some major reservations about standardizing rules for financial markets. Among other things, a joint insolvency regime is controversial as well as the handling of government bonds in bank balance sheets and regulatory issues.

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