Необходимост от изграждане на Съюз на капиталовите пазари на ЕС за икономически растеж в Европа
Necessity for Establishing EU’s Capital Markets Union for the Economic Growth in Europe

Author(s): Vyara Tsvetanova Lavcheva
Subject(s): Economy, Supranational / Global Economy, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: European Union; Integration; Capital Markets; Financing; Investments; Small and Medium-Sized Enterprises
Summary/Abstract: With the process of economic integration, the countries of Europe gave an unprecedented impetus to the Union’s main economic objectives, such as the movement of capital, goods and services, facilitation of international investment and trade. It was precisely this new impetus that should have led to stability and economic prosperity, however many years after its creation, reality has proved that, if we remain “united in diversity” the result is a boost to instability and regression. The process of integration should have created convergence between the member states but undertaken as an economic course for development by countries with fundamentally heterogeneous economies, paradoxically the opposite effect was achieved. Thus, the economic reality now is profound divergence. Member States have abandoned a number of sovereign economic policies to try and achieve the objectives of integration, however partial policy integration has proved degrading in many areas. This economic reality has proved that the course of integration should be rethought and new ways for furthering integration should be soughed for several economic sectors where the lack of integration affects the community-wide performance. Hence, the idea of a new union was born, aiming to integrate a fundamental part of Europe’s economy left sovereign. That union is The Capital Markets Union (CMU), which aims to transfer economic integration into the capital and financial markets of Europe as a natural function of Europe’s economic integration process, consequently making capital markets truly unified.

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