From Giovannini barriers to Capital Markets Union

Abstract

One of the priorities of Finland's autumn 2019 Presidency of the Council of the European Union was the Capital Markets Union initiative, which seeks to enhance and diversify financial intermediation in Europe. Although the initiative is not new, it has proven to be difficult to implement. No one right path or solution exists. Instead, EU-level regulation must be supported by a number of measures which belong to the purview of national decision-making. This article provides insights into the discussion on capital markets, which has been ongoing since the signing of the Treaty of Rome in 1957.