European Capital Markets

The European Financial Sector has experienced many challenges, like the Eurozone Sovereign Debt Crisis and, most recently, Brexit. Here, you will learn more about the challenges of the European capital markets. What are some of the financial challenges the EU faced upon the UK's departure?

Dinner remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the International Swaps and Derivatives Association, Frankfurt am Main, 25 June 2019

The past decade has seen remarkable achievements in strengthening global financial regulation, and in making our economies safer and more resilient, thanks in large part to the work of the international community under the auspices of the Financial Stability Board (FSB).

But now, more than ten years after the crisis, priorities have shifted and there are concerns that the cooperative multilateral order that has underpinned past international achievements is increasingly being questioned.

In my remarks this evening I will argue that dismantling regulatory standards would be a mistake, and would add to market fragmentation. I will also argue that the current low levels of financial integration in the euro area are inefficient, and that, as a response, we need to intensify our efforts if we want to achieve tangible progress in completing banking union and creating a true capital markets union (CMU).

In the last part of my remarks I will briefly touch on the ongoing reform of interest rate benchmarks, which is essential to safeguard the smooth transmission of monetary policy and the resilience of the financial system.

Source: Benoît Cœuré and the European Central Bank, https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190625_1~49befd1908.en.html