OMFIF-De Nederlandsche Bank meeting: developing European Capital Markets: the next stage

In the light of low growth and lack of structural convergence, strengthening the European single market for capital plays an important role in fostering resilience and boosting productivity growth. The current Covid-19 crisis similarly underscores the need to improve the resilience of the European economy. Yet to date, European capital markets remain relatively small and fragmented along national lines, resulting in an uneven playing field for borrowers and lenders, and limiting cross-border risk-sharing. Although capital markets have assisted in absorbing the initial Covid-19 shock, this also poses new questions regarding the build up of leverage and differences in access to finance. This virtual seminar sheds light on the resilience of the European economy and the role of capital markets, and how to pursue the transition towards a more varied funding mix through the development of deep, liquid and integrated debt and equity markets.