Creating a European capital market union (CMU) is no small task, but if properly executed, it would allow firms to tap more investment sources and cut their funding costs. This informational briefing from IMF economists highlights the need for EU member states to adopt a supranational mind-set that would encompass cross-border transparency, harmonized regulation and consistent insolvency standards. Policy makers and financial professionals will find many cogent arguments in this authoritative proposal.
About the Authors
Ashok Vir Bhatia et al. are economists with the IMF.