Miranda Xafa, (2018), “The impact of the Brexit vote on European Capital Markets Union”, VoxEU, 18 Απριλίου
The Brexit vote was a clear setback in the effort to integrate European capital markets. It slowed down the implementation of the Capital Markets Union agenda to avoid pre-empting the Brexit negotiations, and risks an inefficient break-up in the activities of clearing houses that deal in euro-denominated securities. This column, the second in a two-part series, argues that there is a strong case for the Capital Markets Union project to continue with the remaining EU27 members after Brexit, including stronger central oversight.
The UK’s eventual departure from the EU represents a clear setback to the CMU project, in view of the dominance of London as Europe’s financial centre. The Brexit vote has slowed the implementation of the CMU Action Plan (European Commission 2015), as the attention of European institutions shifted toward managing the future relationship with the UK. The draft securitisation directive came close to becoming the first casualty of the Brexit vote: while recognising that most of the financial institutions that can help kick-start securitization are in the UK, France and Germany were reluctant to set a precedent on financial market access before Brexit negotiations had even started (Financial Times 2017a). The Brexit vote also revived a long-standing controversy over the supervision of London-based clearing houses that trade euro-denominated swaps. To address systemic risk concerns, proposals have been tabled for joint supervision of the London clearing houses by the ECB after Brexit (Financial Times 2017b, 2018).
Σχετικές Αναρτήσεις
- Nicola Chelotti, (2018), «How has the first year of the Brexit negotiations affected politics in the EU?», LSE EUROPP, 12 Απριλίου
- Rober Kalcik, Nicolas Moes and Guntram B. Wolff, (2018), «Does the European Parliament miss an opportunity to reform after Brexit?», Bruegel, 10 Ιανουαρίου