|No rest for the EU financial markets
It's fair to say this has been the busiest summer for EU
financial markets and regulation in… well, about a year.
June saw the midterm review of the EU's prized capital markets
union (CMU) just shy of two years in. The prognosis is overall
positive; the paper reports that around two-thirds of the 33
actions in the original action plan have already been delivered
and the new iteration sets out nine new policy goals to focus
on. Of those nine, the policy naturally grabbing the most
headlines is a proposal to give European authorities, notably
the European Securities and Markets Authority (Esma), more
supervisory and enforcement powers. Brexit isn't exactly
spelled out, but it's acutely inferred as a cause.
Those in the market were disappointed to not...