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Commissioner McGuinness supported the initiative of Slovenia, Austria, and Croatia on the development of the capital markets union

by AI | 09.Aug 2024 | Europe in brief AI

European Commissioner for Financial Services Mairead McGuinness supported the initiative of Slovenia, Austria, and Croatia on the further development of the capital markets union and strengthening the competitiveness of the EU, which, according to Slovenia, proves that smaller countries can also succeed with cooperation and joint proposals.

European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness. Photo: Thierry Monasse/STA

Ljubljana/Brussels – European Commissioner for Financial Services, Financial Stability and Capital Markets Union Mairead McGuinness supported the initiative of Slovenia, Austria, and Croatia for further development of the capital markets union and strengthening the EU’s competitiveness, and among other things, announced in-depth talks to accelerate the development of European capital markets.

Commissioner McGuinness emphasized the importance of strengthening the capital markets union to promote European economic growth in response to a joint letter from finance ministers Klemen Boštjančič, Magnus Brunner, and Marko Primorac on Thursday. She announced in-depth talks in the fall to accelerate the development of European capital markets in all three signatory countries and other member states to better understand the views of different countries on the development of the capital markets union.

In the letter sent to the commissioner in May of this year, the ministers advocated progress in establishing the capital markets union, especially in the area of harmonizing the legislative framework and reducing bureaucracy, particularly for small and medium-sized enterprises. They also emphasized the important role of this project for the further economic development of the EU and investments in the green and digital transformation in the coming years, the ministry reminded.

Minister Boštjančič expressed his pleasure at the announced visit of European Commission experts, saying that the initiative has received the commissioner’s support. “The joint initiative of Slovenia, Austria and Croatia also shows that with cooperation and determination, smaller member states can achieve a lot. We will continue with even more concrete proposals with the aim of strengthening the EU’s competitiveness, and other member states interested in joining our initiative are already reaching out to us,” said the minister. (August 9)