Bruno Le Maire announced Monday the launch of a mission on the union of capital markets in Europe, a project for the free movement of investments and savings in the EU, entrusted to the former governor of the Bank from France Christian Noyer.
I have (…) instructed the honorary governor of the Bank of France, Christian Noyer, to lead a mission which will propose a working method on this fundamental subject, declared the Minister of the Economy on the occasion of the presentation of his wishes to economic actors.
The Capital Markets Union (CMU) is a single European capital market project intended to promote their circulation between member countries to finance businesses more widely, and particularly start-ups and SMEs.
A true sea serpent, it is regularly revived by European economic leaders.
In September 2020, Mr. Le Maire, for example, ranked the completion of the capital markets union as a priority for the French presidency of the EU in the first half of 2022.
I am obliged to note that despite the fierce energy that we have put into it, the results are not there, recognized Mr. Le Maire.
We are therefore going to change our method because there will be no decarbonization of European industry, there will be no success on innovation and artificial intelligence if we do not offer our companies the means to raise (…) billions of euros in a single financial space without barriers, he continued.
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Bercy wants to rely on the Franco-German partnership to give new impetus to this union.
There is no point in trying to start 27, we will not succeed, lamented the minister, announcing that he would go to Berlin in the coming weeks to discuss the subject with his German counterpart, Christian Lindner.
We will also offer European financial groups to be supervised on a European basis and no longer on a national basis, added the tenant of Bercy.