IMF proposes improvements to EU plan to create stronger capital market system

The International Monetary Fund has proposed that the European Union improve transparency, regulatory oversight and insolvency rules in its proposals to create a stronger capital market system, a senior IMF official said.

It was originally launched in 2015 and has been a central plank of the current European Commission’s mandate which is due to expire. But after a reset of the project in 2017 and adoption of 11 new EU laws, most companies in Europe still get their money from banks.This contrasts with the United States where companies tap financial markets, which have greater capacity to spread risk more evenly across the economy.

Speaking at the London School of Economics on Friday, he said the improvements focused on three areas – transparency, regulatory consistency and insolvency frameworks. He said it would be “a major additional step” and “a relatively powerful tool going forwards” given that market-based finance revolves around publicly available information.

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