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Die Kapitalmarktunion: eine zweifelhafte Vision [The Capital Market Union - a dubios vision]

This essay examines critically the latest concept of the EU-Commission to establish a capital market union for the European Union. It finds that the overarching goals of stimulating stagnation of EU-wide financing by facilitating cross-border securitization a n d making financial markets more resilient might fail. Facilitated securitization might raise systemic risks through a deteriorated risk transformation in the banking sector, imperfect risk transfer (also abroad), and excessive leverage. It creates new liquidity glut completely separate from the needs of the real economy. In addition, this concept is in contradiction to the year-long efforts to install proper regulation and controls to European financial markets. The essay favors the regulation-and-control attempt combined with far going EU-reforms of the financial sector.