The Next CMU High-Level Group has been tasked by the ministers of finance of Germany, France and the Netherlands to report on recommendations for deepening the CMU. It also includes high-level experts appointed by the ministries of finance of Spain, Sweden, Poland and Italy.
The mandate of the Next CMU High-Level Group is wide in scope and forward looking. The Next CMU High Level Group will elaborate recommendations to shape and strengthen capital market-based investment and financing for the real economy in the EU 27, in the medium and long term. Recommendations may include suggestions for the EU level, for Member States and supervisors’ action as well as industry initiatives. Policy recommendation might be complemented by more granular technical suggested measures.
Attention will be paid to the urgency caused by the current international context and to citizen’s needs. The designing approach will aim at diversifying financing means, creating deep and liquid markets and promoting a large range of financing opportunities for both small and large firms, and investment opportunities for small and large investors in a fluid Single Market. Attention will be paid to market infrastructures with a view to find possibilities to facilitate the meeting of supply and demand for financing, both within and across Member states.
The Next CMU High-Level Group will emphasize the impact and opportunities of Fintech and of sustainable finance (Green and Climate neutral) as well as long-term investment.
The CMU is developed in consistency with the banking union and the monetary union. The Next CMU High-Level Group will therefore consider the resilience against asymmetrical shocks, strengthening the international role of the Euro, the stability of financial markets and proper investor protection.
In general, it is not the intention of the Next CMU High-Level Group to revisit recently adopted legislation as all agreed legal instruments should first be implemented and they contain review clauses that allow reconsideration in due course after thorough study by the European Commission. In addition, the Next CMU High-Level Group will not interfere in the ongoing process of the UK leaving the European Union (Brexit).
Recommendations will aim at strengthening the global competitiveness and attractiveness of EU financial markets in their ability to finance, in a self-sufficient and open manner, the EU economies, their growth and their job creation.
The Next CMU High-Level Group works in an inclusive and fully transparent manner, consults widely and makes public all received contributions. It is guided by an EU vision and the mutual interest of Member States. It is not to be influenced by any specific political or market player interest nor by the competition between EU financial centers.