JIBLR Article: Building a European Capital Markets Union by Georges Ugeux

Journal of International Banking Law and Regulation – Building a European Capital Markets Union: The Need for Liquidity and Focus


The European Commission is building a Capital Markets Union (CMU) to counteract Europe’s over-reliance on bank funding. As the Commission’s CMU communication often refers to peripheral projects and misapprehension of Europe’s capital markets, this paper aims to contribute by highlighting the main challenges and action points for realising the CMU. Read full article


This material was first published by Thomson Reuters (Professional) UK Limited in Georges Ugeux, “Building a European Central Markets Union: The Need for Liquidity and Focus” (2016) 31 J.I.B.L.R. 314–330 and is reproduced by agreement with the Publishers.

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Could Solvency II Threaten the Financial Stability of European Insurance?

The European insurance sector has approximately 6.8 trillion euros of assets under management. It is the largest European institutional investor, a fundamental element of financial stability and provides support for the global economy. Additionally, the European insurance sector is a significant source of jobs, providing employment for more than one million people. The chart below illustrates the share of GDP represented by insurance premiums, generally defined as penetration ratios. Read more


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