Aug. 10, 2023 at 9:34 am

EU financial markets in 2030 – CEPS

August 10, 2023no commentNo tags

Financial markets have been the object of heavy regulatory activity over the last 15 years. From crisis response, the start of the European Supervisory Authorities (ESAs) over banking union and the creation of the Single Supervisory Mechanism (SSM) to the launch of the Capital Markets Union (CMU), and to the beginnings of the sustainable finance agenda, these developments have been nothing less than a regulatory roller-coaster. Financial regulation has become very dense, and is likely to remain so, with review clauses becoming standard in almost all pieces of regulation.

Decision processes on regulation have not become easier – on the contrary, they have become much more difficult. Debates on draft regulatory measures are very intense and polarised. The final outcome is often suboptimal, both from a regulatory clarity and market integration perspective. But this, of course, is the downside of a process that stimulates multi-stakeholder consensus.

The pace of financial integration – the objective of all this regulation – has not advanced, however. In banking, consolidation has stalled, and the European Central Bank’s integration indicator declined over the last year. In capital markets, there are some timid signs that more start-up finance is becoming available, but European markets continue to be very diverse and fragmented, with huge differences in market development. Overall the political support for banking union and CMU has dwindled, which has serious implications for Europe’s competitiveness.

TASK FORCE

CEPS, in cooperation with ECMI and ECRI, intends to convene a Task Force from September/October 2023 onwards, to report by April/May 2024, and feed into the Commission’s programme. The Task Force should meet three to four times on the basis of a detailed agenda, to be agreed upon. The final report should come out with specific policy recommendations, and reflect participant’s consensus, with the report drafted by CEPS experts.

Agenda

First meeting: regulatory strategy (September/October)
Second meeting: supervisory system (November/December)
Third meeting: market developments and required changes (January/February)
Fourth meeting: policy recommendations (March/April)

The Chair of the task force will be Jesper Berg, Former Director General, FSA, Denmark

The Rapporteurs (CEPS staff) will organise the meetings, conduct research independently and draft the final report.

Karel Lannoo, CEO of CEPS and General Manager of ECMI
Apostolos Thomadakis, Research Fellow, ECMI and CEPS

The Task Force members – a group of stakeholders: industry representatives and observers (e.g. academics, policymakers, regulators, supervisory authorities, consumer/investor associations) – will steer the research agenda of the meetings and actively participate at the discussion, together with the chairman. The members will also review the final report and comment on the list of recommendations.

To find more information about the objectives and functioning of the Task Force, please read the prospectus in the link below.

To express your interest, please fill this form.

For further information, please send an e-mail to beatriz.pozo@ceps.eu or laura.nicolas@ceps.eu, or by phone on +32 222 93 911.

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EU financial markets in 2030 – CEPS

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