Traduction de «CMU » (Anglais → Français) :

In parallel with today’s CMU status report, we are also presenting a new edition of the European Financial Stability and Integration Review (EFSIR), which this year focusses on the CMU and identifies some promising developments in European capital markets.

5. Notes that a sound and robust CMU has to acknowledge the interdependencies with other financial sectors, explore additional market-based sources of funding for the real economy and be based first and foremost on well-established existing structures; stresses the need for a holistic view of EU financial services regulation in which the CMU contributes to complementing banking financing; calls for the CMU to reflect the perspective of consumers and investors, besides its orientation towards the financing of companies; to that end, the Commission should work closely with the ESRB, ESAs and National Competent Authorities to resolve any ...[+++] mismatches in approach that could risk undermining the objectives of the CMU; asks the Commission to use well-functioning best practices in order to develop a capital market for the whole Union;

D. whereas the capital market in the Union remains fragmented; whereas the Capital Markets Union (CMU) potentially offers a valuable framework to safeguard equal access to finance for SMEs throughout the EU and to promote innovative venues for market-based funding; whereas specific shortages of credit to SMEs and micro enterprises derive also from economic instability and a lack of targeted solutions for the real economy; whereas the capital-market-based context in the United States is often cited, but fundamentally differs from the banking-based EU context, and should not be copied or used as a template; whereas the CMU is a chance ...[+++] to strengthen capital markets in the EU as a complement to banking-based finance; whereas in the US, following the financial crisis, bank lending to corporates has developed stronger than capital markets based financing;

39. Welcomes the idea of a Capital Markets Union (CMU), whilst expecting a timely and coherent conclusion to the consultations; stresses the need to perform a cumulative impact assessment of economic legislation in order to identify legislative inconsistencies that would act as barriers to a CMU, with special consideration given to SMEs and mid-caps; calls for any proposals for additional legislation to be subject to a thorough impact assessment and cost-benefit analysis, ensuring that proposals are only made if the intended effects cannot be achieved by non-legislative means;

35. Takes the view that the CMU should follow a step-by-step approach and that the priorities of the CMU should be threefold: first, to incentivise the most efficient allocation of savings by deepening and diversifying the sources of finance available to businesses and to offer more investment choices, greater transparency and portfolio diversification to savers and investors; secondly, to enable greater risk mitigation by creating deeper cross-border markets, enhancing the financial system’s resilience against the adverse effects of severe financial crises and smoothing out the impact of idiosyncratic shocks; thirdly, ensuring that th ...[+++]ere is an effective complementary channel to finance the real economy;

35. Takes the view that the CMU should follow a step-by-step approach and that the priorities of the CMU should be threefold: first, to incentivise the most efficient allocation of savings by deepening and diversifying the sources of finance available to businesses and to offer more investment choices, greater transparency and portfolio diversification to savers and investors; secondly, to enable greater risk mitigation by creating deeper cross-border markets, enhancing the financial system’s resilience against the adverse effects of severe financial crises and smoothing out the impact of idiosyncratic shocks; thirdly, ensuring that th ...[+++]ere is an effective complementary channel to finance the real economy;