Capital Markets Union and Beyond
Description
The plan for further development of Europe's economic and monetary union foresees the creation of a capital market union (CMU)—a single market for capital in the entire Eurozone. The need for citizens and firms of all European countries to have access to funding, together with the pressure to improve the efficiency and risk-sharing opportunities of the financial system in general, put the CMU among the top priorities on the Eurozone's agenda. In this volume, leading academics in economics, finance, and law, along with policy makers and practitioners, discuss the design and implementation of a future CMU.
Contributors describe the key design challenges of the CMU; specific opportunities and obstacles for reaching the CMU's goals of increasing the economic well-being of households and the profitability and viability of firms; the role that markets—from the latest fintech developments to traditional equity markets—can play in the future success of CMU; and the institutional framework needed for CMU in the aftermath of the global recession.
Contributors Sumit Agarwal, Franklin Allen, Valentina Allotti, Gene Amromin, John Armour, Geert Bekaert, Itzhak Ben-David, Marcello Bianchi, Lorenzo Bini-Smaghi, Claudio Borio, Franziska Bremus, Marina Brogi, Claudia M. Buch, Giacomo Calzolari, Souphala Chomsisengphet, Luca Enriques, Douglas D. Evanoff, Ester Faia, Eilis Ferran, Jeffrey N. Gordon, Michael Haliassos, Campbell R. Harvey, Kathryn Judge, Suzanne Kalss, Valentina Lagasio, Katya Langenbucher, Christian T. Lundblad, Massimo Marchesi, Alexander Michaelides, Stefano Micossi, Emanuel Moench, Mario Nava, Giorgio Barba Navaretti, Giovanna Nicodano, Gianmarco Ottaviano, Marco Pagano, Monica Paiella, Lubos Pastor, Alain Pietrancosta, Richard Portes, Alberto Franco Pozzolo, Stephan Siegel, Wolfe-Georg Ringe, Diego Valiante
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Persons
Ester Faia holds the Chair of Monetary and Fiscal Policy at Goethe University Frankfurt.
Michael Haliassos holds the Chair of Macroeconomics and Finance at Goethe University and is the editor of Financial Innovation: Too Much or Too Little? (MIT Press).
Katja Langenbucher holds the Chair of Private Law, Corporate and Financial Law at Goethe University and is Affiliated Professor at l'Ecole de Droit de SciencesPo, Paris.
Content
- Intro
- Title Page
- Copyright Page
- Table of Contents
- Foreword
- I: The Challenges in Design
- 1. Capital Markets Union: Key Challenges
- Discussion: Capital Markets Union and Europe's Financial Structure
- 2. Capital Markets Union and Cross-Border Risk Sharing
- 3. A Legal Framework for Financial Market Integration: Resetting the Agenda beyond the Sectoral Single Rulebook
- 4. Economic and Financial Integration in Europe
- Discussion: Economic and Financial Integration in Europe
- 5. The Origins of a Capital Markets Union in the United States
- II: The Targets: Households and Firms
- 6. Asset and Debt Participation of Households: Opportunities and Challenges in Eliminating Borders
- 7. Capital Markets Union and Growth Prospects for Small and Medium-Sized Enterprises
- 8. The Promotion of Small and Medium-Sized Companies Acting as a Catalyst for European Capital Markets Law?
- 9. Recent Initiatives in Favor of Listed and Nonlisted Small and Medium-Sized Enterprises: A Legal Perspective
- III: The Markets
- 10. The Role of Fintech for the Capital Markets Union
- Discussion: The Market for Crowd Funding and Peer-to-Peer Lending
- 11. Equity Crowd Funding: An Acid Test for Securities Regulation
- 12. Capital Markets Union and Virtual Funding: Initial Coin Offerings, Tokens, and Digital Corporations
- 13. Equity Markets
- Discussion: Taxation, the Level Playing Field, and Equity Markets
- 14. Efforts to Deepen Capital Markets: Lessons from US Mortgage Defaults in the Global Financial Crisis
- IV: The Institutions and Governance
- 15. The EU Response to the Financial Crisis and the Economic Recession: The Juncker Plan, the Capital Markets Union, and the Banking Union
- Discussion: The EU Response to the Financial Crisis and the Economic Recession
- 16. The Role and Structure of Banks in the Future Capital Markets Union
- Discussion: What Type of Banking System Is Needed to Accompany the Capital Markets Union?
- 17. Interconnectedness: Shadow Banking and Capital Markets Union
- 18. The Politics of Capital Markets Union: From Brexit to Eurozone
- Discussion: Keep Calm and Carry on . with Small Steps!
- 19. The Institutions of Europe's Capital Markets Union
- Contributors
- Index
