Experts from economics, finance, law, policy, and banking discuss the
design and implementation of a future capital market union in Europe.
The plan for further development of Europe's economic and monetary union
foresees the creation of a capital market union (CMU)--a single market
for capital in the entire Eurozone. The need for citizens and firms of
all European countries to have access to funding, together with the
pressure to improve the efficiency and risk-sharing opportunities of the
financial system in general, put the CMU among the top priorities on the
Eurozone's agenda. In this volume, leading academics in economics,
finance, and law, along with policy makers and practitioners, discuss
the design and implementation of a future CMU.
Contributors describe the key design challenges of the CMU; specific
opportunities and obstacles for reaching the CMU's goals of increasing
the economic well-being of households and the profitability and
viability of firms; the role that markets--from the latest fintech
developments to traditional equity markets--can play in the future
success of CMU; and the institutional framework needed for CMU in the
aftermath of the global recession.
**Contributors
**Sumit Agarwal, Franklin Allen, Valentina Allotti, Gene Amromin, John
Armour, Geert Bekaert, Itzhak Ben-David, Marcello Bianchi, Lorenzo
Bini-Smaghi, Claudio Borio, Franziska Bremus, Marina Brogi, Claudia M.
Buch, Giacomo Calzolari, Souphala Chomsisengphet, Luca Enriques, Douglas
D. Evanoff, Ester Faia, Eilis Ferran, Jeffrey N. Gordon, Michael
Haliassos, Campbell R. Harvey, Kathryn Judge, Suzanne Kalss, Valentina
Lagasio, Katya Langenbucher, Christian T. Lundblad, Massimo Marchesi,
Alexander Michaelides, Stefano Micossi, Emanuel Moench, Mario Nava,
Giorgio Barba Navaretti, Giovanna Nicodano, Gianmarco Ottaviano, Marco
Pagano, Monica Paiella, Lubos Pastor, Alain Pietrancosta, Richard
Portes, Alberto Franco Pozzolo, Stephan Siegel, Wolfe-Georg Ringe, Diego
Valiante
