It’s time for a European edition of the SEC, says Christine Lagarde, president of the European Central Bank (ECB).
In a speech at the European Banking Congress in Frankfurt, Lagarde made the case for creating a strong single regulator to facilitate the development of a unified capital market in the region.
While a capital markets union (CMU) has long been a policy goal for Europe, it has failed to advance, she said.
“[It] is clear that the conditions for capital markets to develop in Europe have not yet been satisfied. Most importantly, we have lacked a unifying project around which CMU can be anchored,” she said.
At the same time, the region is facing a collection of common challenges, such as deglobalization, demographics and decarbonization. “Addressing all these challenges at the same time will require a generational effort — and massive investment is needed in a short space of time,” she said.
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