Europe ‘lagging’ rivals due to slow capital market reforms, says McGuinness

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Mairead-Mcguinness News

Mario-Draghi,European-Commission

Commissioner warns that progress towards single capital market at EU level had been ‘too slow and too modest’

Weakness in capital markets translates into lower rates of economic growth, which is bad for the EU and for our place in the world, Mairéad McGuinness said. Photograph: Ronald Wittek / EPA

The correspondence said current capital markets in the EU were too small and too “fragmented” to deliver enough financing to boost investment. A proposal for a single market for capital in the EU has for years failed to get off the ground, in part due to some countries’ concerns they would lose out as a result of the reforms.

The Fine Gael politician said there had been “unambiguous support” to change the current system, but this needed to be followed by concrete actions.

 

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