Bruegel liveblog
Thomas Moller-Nielsen
Giegold: divergence between justice and finance ministries to blame for lack of CMU progress
Giegold argued that the reason for the lack of progress towards a fully integrated Capital Markets Union (CMU) is not because of disagreements at the member state level but rather due to differences of opinion between EU countries' own justice and finance ministries.
He pointed to the European Commission's recent proposal to harmonise EU insolvency law as evidence of this: "The finance community is in favour. If you ask 27 Ministers of Justice, they are all against it."
Only an economic or political "shock" will allow making significant progress in the future, Giegold suggested.
Giegold argued that the reason for the lack of progress towards a fully integrated Capital Markets Union (CMU) is not because of disagreements at the member state level but rather due to differences of opinion between EU countries' own justice and finance ministries.
He pointed to the European Commission's recent proposal to harmonise EU insolvency law as evidence of this: "The finance community is in favour. If you ask 27 Ministers of Justice, they are all against it."
Only an economic or political "shock" will allow making significant progress in the future, Giegold suggested.
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Updated at: 09/04/2024 06:24 PM
Updated at: 09/04/2024 06:24 PM