The governor of the Banque de France and the president of the Deutsche Bundesbank recall the urgency “of a real union of capital markets” within a Europe “at the heart of the crisis”, in a joint forum published Monday.
Europe is at the heart of the crisis: that of the Russian war in Ukraine, of energy, of inflation, write Franois Villeroy de Galhau, Governor of the Banque de France and Joachim Nagel, President of the Bundesbank in this tribune publishes on the Echos and Handelsblatt websites.
Our unity becomes more difficult, but even more essential. And what applies to all of Europe applies first and above all to the Franco-German couple: to divide us would be to condemn us, they believe while relations between Paris and Berlin have been strained in recent weeks.
The time has come for a real capital markets union, they say.
The Capital Markets Union (CMU), sea serpent since 2014, is a project for a single European capital market intended to promote their circulation between member countries to finance more widely companies and especially start-ups and SMEs. .
Events such as Brexit, the pandemic or, more recently, the war waged by Russia in Ukraine have unfortunately delayed the efforts made in this area, point out Franois Villeroy de Galhau and Joachim Nagel.
On the contrary, more than ever, we must accelerate the energy transition and we therefore need the financial resources provided by a green UMC, according to them.
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The CMU can be an asset in a joint European strategy aimed at competing with other regions of the world, they add, believing that to stimulate growth, while ensuring the green and digital transformations, we must strengthen our attractiveness for both domestic and domestic investors. than foreigners.
We therefore support the establishment of a European single access point (ESAP) as an information platform for international investors, they write.
The UMC should also offer an opportunity to significantly improve (the) financial situation of start-ups, they argue.
When it comes to access to capital markets, small and medium-sized enterprises (SMEs), in particular, need to catch up, they also say.