The Council of the European Union has given its approval to a set of conclusions on the European Commission's new action plan on the Capital Markets Union, the initiative designed to establish a single market for capital across the entire EU, according to a press release published on Friday
MOSCOW (Pakistan Point News / Sputnik - 04th December, 2020) The Council of the European Union has given its approval to a set of conclusions on the European Commission's new action plan on the Capital Markets Union, the initiative designed to establish a single market for capital across the entire EU, according to a press release published on Friday.
The conclusions of the action plan, which was submitted by the European Commission in September, included a pledge to prioritize work that would support the short-term funding of economies and small- and medium-sized enterprises amid the ongoing COVID-19 pandemic.
Additionally, the Council of the European Union said that other urgent tasks included ensuring that corporations have access to financing on capital markets and the creation of a "single access point" that would allow investors to obtain financial and non-financial data on companies.
"EU member states are sending a strong signal in support of accelerating the work towards a genuine Capital Markets Union by giving clear guidance on the political priorities on future legislative and non-legislative initiatives," Olaf Scholz, Germany's Federal minister of finance, said in the press release.
Former European Commission President Jean-Claude Juncker back in 2014 launched the plan to establish the Capital Markets Union within five years. Progress slowed after the United Kingdom voted to leave the European Union in a 2016 referendum, although Juncker's successor, Ursula von der Leyen, has committed to finalizing the project.
