City vows to support European capital markets union

The City of London Corporation has promised to do its utmost to ensure the successful launch of a capital markets union across the European bloc — despite the UK leaving the trading group.

Catherine McGuinness, chair of the corporation’s influential policy committee, told guests at a dinner in London tonight that the corporation — and the overwhelming majority of City firms — were “firmly in favour” of the European Union’s CMU initiative.

“We will do our best to make sure that the project remains on track,” she said, at the event hosted by the lobby group Association of Financial Markets in Europe.

Launched two years ago, and planned for completion by 2019, the CMU is aimed at boosting financial markets by easing the flow of money from savers and investors through fund managers to companies.

“The CMU is a vital initiative for improving the efficient allocation of capital within Europe towards long-term finance, while increasing the overall amount of capital in the system,” McGuinness said. “Even outside the EU, London’s deep capital markets mean it will continue to be a key component of this evolution.”

The UK’s vote to leave has cast doubt over the future of the project. In sectors such as trading and hedge funds, more than three-quarters of EU activity takes place in the UK, according to the think tank New Financial.

McGuinness said: “Brexit or no Brexit, the City of London knows better than most the advantages of closer European co-operation.”

The man who championed its creation — the former European Commissioner for Financial Stability, Financial Services and Capital Markets Union Lord Jonathan Hill — told Financial News in April that the CMU was “more urgent” without the UK’s involvement.

In tonight’s speech McGuiness said the resignation of “CMU figurehead” Hill immediately following the UK’s vote for Brexit “reminded us that things could get difficult”.

In a mid-term review of its ongoing CMU project, published in June, the EU’s executive European Commission set out a new nine-point plan for the development of the flagship initiative.

Valdis Dombrovskis, the Commissioner responsible for financial stability, financial services and the CMU, acknowledged “the scale of the challenge” ahead: “We count on the support of the European Parliament and member states to rise to it.”

To contact the author of this story with feedback or news, email Lucy McNulty

45 comments

  1. Hi there i am kavin, its my first time to commenting anyplace, when i read this paragraph i thought i could also make comment due to this sensible piece of writing.

  2. Thank you for the good writeup. It in truth used to be a entertainment account it.
    Glance advanced to far brought agreeable
    from you! However, how could we communicate?

    Here is my web blog 918kaya Slot game

  3. What’s up, I read your blogs regularly. Your story-telling style is witty, keep it
    up!

    Also visit my web blog – free download mega888

  4. Thanks for ones marvelous posting! I seriously enjoyed reading it, you could be a great author.I will remember to
    bookmark your blog and will often come back from now on. I want to encourage yourself
    to continue your great job, have a nice day!

    Also visit my webpage :: kiss888

  5. Right here is the right webpage for everyone who would
    like to understand this topic. You know so
    much its almost tough to argue with you (not that I actually will need to…HaHa).

    You certainly put a fresh spin on a topic which has been written about for decades.
    Excellent stuff, just excellent!

    Also visit my web site; download mega888 – shortanswersonly.com,

  6. What’s up it’s me, I am also visiting this website on a regular basis, this web site is in fact good and the
    people are in fact sharing pleasant thoughts.

  7. Great goods from you, man. I’ve keep in mind your stuff previous to
    and you are simply extremely fantastic. I really like what you have got here, really like what
    you’re saying and the way in which in which you assert it.
    You’re making it entertaining and you still take care of to keep
    it sensible. I can not wait to read much more from you.
    That is really a tremendous site.

  8. Fantastic beat ! I would like to apprentice while you amend your site, how could i subscribe for a blog website?
    The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided
    bright clear concept

  9. Excellent pieces. Keep writing such kind of
    information on your page. Im really impressed by your
    site.
    Hello there, You’ve performed a great job. I’ll definitely digg it and for my part
    recommend to my friends. I am confident they’ll be benefited from
    this web site.

    Also visit my web site: cara main game xe88

  10. The other day, while I was at work, my cousin stole my iphone and tested to see if it can survive a
    forty foot drop, just so she can be a youtube sensation. My apple
    ipad is now broken and she has 83 views.
    I know this is completely off topic but I had to share it with someone!

  11. What’s up, its good paragraph about media print, we all be aware
    of media is a wonderful source of data.

  12. whoah this blog is wonderful i like reading your articles.
    Stay up the great work! You realize, lots of persons are hunting round
    for this info, you could aid them greatly.

    my page … ex888 Game

  13. Appreciate the recommendation. Will try it out.

    Look into my web site: mega888 Download ios

  14. Thanks for some other informative site. Where else may I get that kind of info written in such a perfect manner?
    I have a venture that I’m simply now running on, and I’ve been on the glance out for such information.

  15. I like what you guys are usually up too. This sort
    of clever work and reporting! Keep up the excellent works guys I’ve
    included you guys to my blogroll.

  16. I’m impressed, I have to admit. Rarely do I encounter a blog that’s both equally educative and engaging, and
    let me tell you, you have hit the nail on the head. The issue is
    something which not enough men and women are speaking intelligently about.

    I’m very happy I found this in my search for something
    regarding this.

  17. I was curious if you ever thought of changing the
    page layout of your site? Its very well written; I love what youve got to
    say. But maybe you could a little more in the way of content
    so people could connect with it better. Youve got an awful lot
    of text for only having 1 or two images. Maybe you could space it out better?

  18. I really like reading through a post that will make people think.
    Also, thank you for allowing for me to comment!

  19. Wonderful article! That is the kind of info that are meant to be shared around the web.
    Disgrace on Google for no longer positioning this put up higher!
    Come on over and seek advice from my web site .

    Thank you =)

  20. After looking over a handful of the articles on your website, I truly like your technique of writing a blog.

    I saved as a favorite it to my bookmark webpage list
    and will be checking back in the near future. Please check out my
    website as well and tell me what you think.

  21. Hello! Do you know if they make any plugins to
    safeguard against hackers? I’m kinda paranoid about losing everything I’ve
    worked hard on. Any recommendations?

  22. I go to see everyday some web sites and information sites to read
    articles, but this webpage gives feature based writing.

  23. It’s amazing to go to see this website and reading the views of all colleagues on the topic of this article, while I am also keen of getting
    knowledge.

    Look at my homepage; slot online terpercaya

  24. Usually I do not learn article on blogs, however I
    would like to say that this write-up very pressured me to take a look at and
    do it! Your writing style has been surprised me. Thank you, very great article.

  25. Great post however , I was wondering if you could write a litte
    more on this topic? I’d be very grateful if you could elaborate a
    little bit further. Kudos!

  26. If you would like to grow your knowledge just keep visiting this website and be updated with the most up-to-date gossip posted here.

    my page :: http://158.247.203.45/

  27. Its like you read my thoughts! You seem to know a lot about this,
    such as you wrote the guide in it or something. I believe that you
    could do with some p.c. to force the message house a bit,
    however instead of that, that is fantastic blog. An excellent read.
    I’ll certainly be back.

  28. Howdy! This post could not be written much better! Reading through
    this post reminds me of my previous roommate! He continually kept talking about this.
    I most certainly will send this article to him. Pretty sure he will
    have a good read. Thanks for sharing!

  29. Hi my friend! I wish to say that this post
    is amazing, great written and include approximately all
    important infos. I would like to look extra posts like this .

  30. Somebody necessarily assist to make critically articles I would state.
    That is the very first time I frequented your web page and to this
    point? I amazed with the research you made to create this actual publish
    extraordinary. Wonderful process!

    Here is my web page – online xe88

  31. It’s an amazing post in support of all the web
    viewers; they will take benefit from it I am sure.

    Also visit my blog: download game Kiss918 android

  32. Today, while I was at work, my cousin stole my iphone and tested to see if it
    can survive a thirty foot drop, just so she can be a youtube sensation. My apple ipad is now destroyed and she has
    83 views. I know this is entirely off topic but I had to share it with someone!

    Here is my website … mega888 original

  33. I am truly thankful to the holder of this site
    who has shared this enormous piece of writing at at this place.

  34. Asking questions are genuinely good thing if you are not understanding anything fully, however this paragraph offers nice understanding yet.

    Feel free to visit my web page :: xe88 ios apk

  35. I used to be able to find good information from your articles.

  36. I read this paragraph completely regarding the comparison of
    most up-to-date and preceding technologies, it’s amazing article.

  37. Very descriptive blog, I liked that bit. Will there be a part 2?

  38. Hello! I know this is kind of off topic but I was wondering which blog platform are you using for this website?

    I’m getting sick and tired of WordPress because I’ve had problems
    with hackers and I’m looking at options for another platform.
    I would be great if you could point me in the direction of a
    good platform.

  39. Hello! Would you mind if I share your blog with my myspace group?
    There’s a lot of folks that I think would really enjoy your content.
    Please let me know. Many thanks

  40. Attractive section of content. I just stumbled upon your website and in accession capital to
    assert that I acquire in fact enjoyed account
    your blog posts. Anyway I’ll be subscribing to your augment
    and even I achievement you access consistently fast.

  41. Nice post. I was checking continuously this blog and I’m impressed!

    Extremely helpful info particularly the last part 🙂 I care for such info much.

    I was seeking this certain info for a long time.

    Thank you and best of luck.

  42. It is inn point of fact a reat and useful piece of info.
    I am glad that you simply shared thiss useful information with us.

    Please stay us informed lije this. Thanks for sharing.

    webpage

  43. Great post however I was wondering if you could write a litte more
    on this subject? I’d be very thankful if you could elaborate a
    little bit further. Kudos!

  44. Great blog right here! Also your web site so much up very fast!
    What host are you the use of? Can I get your associate link for your host?

    I wish my website loaded up as quickly as yours lol

  45. It is not my first time to go to see this site,
    i am browsing this site dailly and take good information from here every day.

Leave a Reply

Your email address will not be published.

7 − four =