European Commission: Brexit makes CMU urgent

Author: Edward Price | Published: 10 Oct 2016
Valdis Dombrovskis, European Commission

Brexit makes pursuing a Capital Markets Union (CMU) even more urgent for the European economy, according to EU Commission Vice President Valdis Dombrovskis.

Speaking in New York at a Securities Industry and Financial Markets Association (Sifma) event, he also stressed that UK access to the EU's single market means accepting free movement of people. Dombrovskis also reiterated European discomfort with Basel IV.

Dombrovskis is the Latvian European Commissioner. He assumed responsibility for the Commission’s Financial Stability, Financial Services and Capital Markets Union (DG FISMA) portfolio in July of this year. This followed the resignation of former British European Commissioner Lord Jonathan Hill, who resigned from his post after the so-called Brexit referendum in the UK on June 23. Dombrovskis is also European Commissioner for the Euro and Social Dialogue.

Speaking at the event, Dombrovskis offered wide-ranging views on the issues affecting global capital markets. There had...