PARIS, April 25 (Reuters) – The European Union should set a target to raise 600 billion euros ($644 billion) in investments annually by the end of the decade by integrating its fragmented capital markets, French Finance Minister Bruno Le Maire said on Thursday.
Although Europeans generally save more than Americans, EU capital markets currently lack the depth of their U.S. counterparts because they largely operate along national lines.
All EU leaders gave support to the principle of capital markets union at a summit this month though divisions remain on the details, with some countries reluctant to cede control of national financial rules.
“Let’s fix a target to mobilise each year 600 billion euros with a new capital market,” Le Maire told a conference at the Finance Ministry about making capital markets union a European priority.
Le Maire has pushed for a pan-European savings product to kick start capital market union, which he said governments should aim to make available by 2027 by agreeing favourable tax treatment and simple rules.
Source: REUTER
