Financial Digest

Capital Markets Union still an aspiration

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The European Commissioner with responsibility for financial services has urged financial leaders in Ireland to get to grips with the issue of Capital Markets Union.

Mairead McGuinness said those in the sector here need to identify where they have concerns and try to lead politicians and others beyond narrow national interest."But they can really stop progress and we have to find ways to encourage members states to see beyond the here and now and to work to create something stronger, something better, that allows us to invest in all of these more sustainable ways of economic sustainability, climate sustainability and environment delivery.

"I know one or two of you will be frightened by that. But this is the harsh message in this reality because to date, and quite frankly, we've had a lot of lip service paid to Capital Markets Union and Banking Union and that has to change." Private investment will have to cover most of these investments, she added, because public money is simply not going to be enough.

As a result, she added, promising start-ups end up being owned or co-owned by funds outside the EU, making it more likely that these EU companies will list on non-EU stock markets or be bought by a non-EU entity.Earlier, Financial Services Ireland launched a new series of policy proposals that will underpin its engagements with political representatives ahead of the next general election.

 

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