Aligning Financial Systems to Meet the Needs of Citizens and Enterprises

The European Commission's current initiative to commence consultations on the action plan to build a Capital Markets Union is to be welcomed. The objective must be to create a stable and sustainable financial system, providing all households and companies with appropriate access to financial services. Measures implemented in connection with the aspired-to Capital Markets Union must in no way weaken the classic bank loan and bypass the needs of companies. What is important in the first instance is a critical review of existing financial market regulation. The objective should be an integrated regulatory framework, avoiding regulatory duplication and inconsistencies, while taking account of cross-references to the respective regulations.