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Europe’s role in the global financial system

Author(s): Luis de Guindos

Date published: Jan 2020

SUERF Policy Note, Issue No 127
by Luis de Guindos, European Central Bank

JEL-codes: F36, G15, G18, G20, E58.
Keywords: Brexit, financial integration, regulation, capital markets union, banking union.

Brexit underscores the need to complete the banking union and renew our ambition on the capital markets union. Further work on these agendas, in a framework that encourages innovation and integration, will enhance the attractiveness of the EU capital markets on the global stage beyond Brexit. It requires designing policies to support the development of markets’ size and scope, removing barriers between EU capital markets, expanding sources of funding for companies, broadening the role of the non-bank financial sector, thereby increasing private risk-sharing. At the same time, Brexit will lead to a new equilibrium between the United Kingdom and the EU with regard to key financial activities.

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SUERF Policy Note, Issue No 127SUERF Policy Note, Issue No 127

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