ECB's Coeure: CMU needs to be strengthened after Brexit

Tuesday, 25. June 2019 20:29

Member of the Executive Board of the European Central Bank Benoit Coeure said on Tuesday that the main goal for the new European lawmakers will be to strengthen Eurozone's capital markets union (CMU), which will be of particular importance in a post-Brexit period.

Speaking at the International Swaps and Derivatives Association in Frankfurt, Coeure pointed out that after the United Kingdom leaves the bloc, banks and financial firms will rush into the euro area to establish their presence and continue to serve the single market.

"So, Brexit reinforces the urgency with which we should pursue policies that address barriers to capital market integration in the EU. This discussion is also closely connected to the parallel discussion on the global role of the euro, which fundamentally depends on our ability to build deeper and more efficient financial markets," the official stated.

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