ECB’s Nagel: Optimistic New EU Commission Will Move Forward on Capital Markets Union

19 September 2024

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Thursday that he is optimistic that the new EU Comission will move forward to achieve a capital markets union.

Speaking at the Annual Summit of the Stern Stewart Institute, Nagel, who heads the German Bundesbank, said, according to a text provided by the Bundesbank, ‘I am optimistic that the new European Commission will build momentum to move forward – not least with respect to the capital markets union, which was recently given fresh impetus by member states’ political leaders’.

His contribution to the achievement of this objective was restoring price stability but also supporting the realisation of a capital markets union.

‘…price stability is a crucial requirement for economic development and for the welfare of our societies’, he said.

It was a challenge to make progress at the European level and in the 27 member states on the legal requirements to realise the capital markets union, but ‘we should not try to deal with them at a national level’, he said.

‘We should strive for multilateral solutions’, he added.

There was potential to rejuvenate the ‘European idea’ of a capital markets union, according to Nagel, who urged that everyone do what they ‘can to strengthen Europe at the current juncture’.