The EMU Rationale for Capital Markets Union

Table of Contents: I. Introduction. – II. Objectives in documents. – III. Legislative momentum. – IV. Legislative process and content. – V. Conclusion.

Abstract: Capital Markets Union (CMU) is a plan towards a single market for capital in the EU. While the plan is not limited to the euro area, some of its stated objectives are aimed at supporting EMU, especially by financial stability through private risk-sharing. The present Article seeks to specify and clarify these EMU objectives. It points out their expressions in official documents, discusses their role in creating legislative momentum for CMU and its individual initiatives, and observes them in the legislative process and content of selected initiatives. The research results include an explanation of the significance of EMU objectives as arguments in debates and decision-making concerning CMU as well as an assessment of their justificatory force.

Keywords: Capital Markets Union – Economic and Monetary Union – internal market – financial markets – financial stability – private risk-sharing.

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European Papers, Vol. 6, 2021, No 3, pp. 1505-1521
ISSN 2499-8249 - doi: 10.15166/2499-8249/536

* Associate Professor of Private Law, University of Turku, teemu.juutilainen@utu.fi.