Speakers
Chair
Martin Merlin
Director, Banking, Insurance and Financial Crime - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Public Authorities
Dušan Hradil
Director, Financial Markets Section - Ministry of Finance, Czech Republic
Anikó Túri
State Secretary - Ministry for National Economy, Hungary
Eva Wimmer
Director General - Federal Ministry of Finance, Germany
Industry Representatives
Katharine Braddick
Group Head of Strategic Policy - Barclays Bank
Roland Chai
President Nordic Markets, Executive Vice President - Nasdaq
Francis Malige
Managing Director, Financial Institutions - European Bank for Reconstruction and Development (EBRD)
Objectives
This session aims to evaluate the main features and the strengths and weaknesses of the current approach to the Capital Markets Union (CMU) and to discuss the possible need for evolutions of this approach in the future steps of CMU. This includes examining the balance between top-down and bottom-up actions, the prioritization of these actions, the respective contributions from industry stakeholders, EU and domestic public authorities, and the overall governance of the project.
The focus of this session will be on the strategy and governance of the CMU initiative, rather than on the content of the actions to be implemented in future steps of CMU, which will have been discussed in previous sessions of the Budapest Forum.
Points of discussion
- Current CMU approach: What are the main strengths and weaknesses of the current approach to CMU? Is there an adequate combination of top down and bottom up actions in the current CMU action plans? Does the current approach to CMU adequately leverage the contributions of different private and public sector stakeholders and build on the existing strengths of EU capital markets?
- Approach to CMU going forward: Should the approach to CMU be changed in the future steps of the initiative? Should there be more emphasis on the top-down, on the bottom-up dimension or on a combination of the two? Should the next steps of CMU focus on limited set of key priorities? Are changes needed in the way the project is conducted and the way different stakeholders are involved? Could cooperation between member states be a solution for addressing areas outside the EU direct prerogatives?