Speakers
Chair
David Wright
EUROFI
Public Authorities
Jurand Drop
Deputy Minister - Ministry of Finance, Poland
Bertrand Dumont
Director General of the Treasury - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France
Alexandra Jour-Schroeder
Deputy Director-General - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Verena Ross
Chair - European Securities and Markets Authority (ESMA)
Industry Representatives
Niels Brab
Head of Group Regulatory Strategy & Chief Regulatory Officer - Deutsche Börse Group
James Chew
Global Head of Regulatory Policy - HSBC Holdings plc
Ann Prendergast
Head of EMEA, Executive Vice President - State Street Global Advisors Europe Limited
Valérie Urbain
Chief Executive Officer - Euroclear S.A.
Objectives
This session will first assess the expected impact of the CMU measures adopted since the launch of the project and identify the main issues hindering further progress. The panel will then discuss the priorities for the next European political cycle, taking into account the proposals made in the main reports recently published on the future steps of the CMU (Eurogroup statement, ESMA position paper, French Ministry of Finance report…), the Letta report and the Draghi report (if it has been published at the time of the panel), and whether there is a need to reframe the objectives and the narrative of the CMU.
Points of discussion
- Stock taking: What overall assessment can be made of CMU so far? Can a significant impact on the growth of EU capital markets be expected from the CMU measures adopted and which measures are expected to have most impact? What are the key issues hindering further progress on CMU? Do we have a clear vision of the CMU objectives and of the implications of a transition from a bank-centric model to a more diversified funding and saving model?
- Priorities for the next European political cycle: What should be the main priorities of CMU in the next European political cycle? Should the focus be mainly on implementing the CMU measures already adopted or is there a need for additional actions or a renewed set of objectives and narrative? What are the key priorities emerging from the various reports published since 2023 on the future of the CMU, the Letta report and possibly the Draghi report? How to capitalise on the renewed political interest in the CMU?