CIGI Paper No 140: European Capital Markets Union Post-Brexit

Abstract:

As Europe emerged in the early 2010s from its worst financial crisis since the 1930s, it sought to protect its economy and financial sector against future shocks. This challenge forced national governments and EU institutions to take extraordinary steps to stabilize their economies and to promote European integration, helping to preserve the integrity of the euro area and its internal market. At their June 2012 summit, euro-area leaders asked the European Commission and the president of the European Council to issue proposals "to develop a specific and time-bound road map toward a genuine Economic and Monetary Union (EMU),” including greater fiscal and financial integration, to ensure the irreversibility of the EMU (European Council 2012).