Traduction de «Financial market fragmentation » (Anglais → Français) :

Banks with a capital shortfall will have to obtain shareholders and subordinated debt-holders' contribution before resorting to state capital. This will level the playing field between similar banks located in different Member States and reduce financial market fragmentation.

This will level the playing field between similar banks located in different Member States and reduce financial market fragmentation.

Strengthened burden-sharing requirements: Banks with a capital shortfall will have to obtain shareholders and subordinated debt-holders' contribution before resorting to public recapitalisations or asset protection measures. This will level the playing field between similar banks located in different Member States and reduce financial market fragmentation.

21. WELCOMES the publication of the Commission’s analysis of large sustained current account surpluses and of the main driving forces. In this context, STRESSES the important financial and trade inter-linkages between deficit and surpluses within the euro area, and the importance of appropriate financial supervision to overcome financial market fragmentation and ensuring an adequate allocation of savings, RECALLS that unlike current account deficits, large and sustained current account surpluses do not raise concerns about the sustainability of external debt or financing capacity that affect the smooth functioning of the euro area; the ...[+++]risks of negative spill-overs for current account surpluses are therefore less pressing than for current account deficits. While it is particularly urgent for deficit countries to continuing current efforts addressing their competitiveness challenges, UNDERLINES that addressing market failures and structural reform needs, and wages growing in line with productivity in surplus countries would contribute to rebalancing within the euro area. In particular, measures aimed at improving the functioning of specific sectors, such as services, financial intermediation and other non-tradables could be considered. Finally, EMPHASISES the need to preserve the competitiveness of the EU economies vis-à-vis the rest of the world.

Vitor Gaspar, Minister of State and Finance, stated: “Countering financial market fragmentation is an urgent task: if this is not urgent, nothing is.“ He also commented: “The EIB, with its triple A rating, is ideally suited to contribute to counter financial market fragmentation.

In particular, the case for financial instruments relies on the benefits associated with the strengthening of the Single Market by overcoming market fragmentation in venture capital investment, high risk lending covered by EU resources and credit enhancement.