Article
Dec 24
Back

FOSTERING OF THE EU CAPITAL MARKETS UNION

Tatjana Jevremović Petrović

10.55836/PiP_22401A
ABSTRACT /

In this paper the author presents an overview of the idea of forming and strengthening the capital markets union (CMU) – an ambitious political, economic and legal project of the EU. This idea, aimed at the formation of a single European capital market, has so far been implemented through numerous legal reforms and other activities and measures. Significant changes were made to the current legal framework of financial markets, especially capital markets, and no important topic in this area has been bypassed.

The paper aims to familiarize domestic public with the idea of creating the EU CMU. It also provides a comprehensive view of the reasons that led to reform and its implementation in the EU so far, as well as expected further reforms. The domestic public is given the opportunity to look at the EU CMU idea in order to follow reforms in the Republic of Serbia with greater understanding.

DOWNLOAD COMPLETE ARTICLE /
Serbian (cyr)  
REFERENCES /
  1. Allen Franklin, Pástor Luboš, „Capital Markets Union: Key Challenges“, Capital Markets Union and Beyond (eds. Franklin Allen, Ester Faia, Michael Haliassos, Katja Langenbucher), The MIT Press Cambridge, Massachusetts – London, England, 2019.
  2. Barba Navaretti Giorgio, Calzolari Giacomo, Ottaviano Gianmarco, Franco Pozzolo Alberto, „Capital Markets Union and Growth Prospects for Small and Medium-Sized Enterprises“, Capital Markets Union and Beyond (eds. Franklin Allen, Ester Faia, Michael Haliassos, Katja Langenbucher), The MIT Press Cambridge, Massachusetts – London, England, 2019.
  3. Berrigan John, „Closing remarks at High-Level Conference Capital Markets Union: investing for a stronger, prosperous and sustainable European Union“, 1. 6. 2022, доступно на адреси: https://finance.ec.europa.eu/events/capital-markets-union-investing-stronger-prosperous-and-sustainable-european-union-2022-06-01_en, 1. 10. 2022.
  4. Dell’Ariccia Giovanni, „A Capital Market Union: A Few Thoughts“,  The new financial architecture in the Eurozone (eds. Franklin Allen, Elena Carletti, Joana Graz), European University Institute, Florence, 2015.
  5. Ferran Eilis, „A Legal Framework for Financial Market Integration: Resetting the Agenda beyond the Sectoral Single Rulebook“, Capital Markets Union and Beyond (eds. Franklin Allen, Ester Faia, Michael Haliassos, Katja Langenbucher), The MIT Press Cambridge, Massachusetts – London, England, 2019.
  6. Hardie Iain, Macartney Huw, „Too Big to Separate? A French and German defence of their biggest banks“, Finance Watch, 26 March 2015, доступно на адреси: https://www.finance-watch.org/too-big-to-separate-a-french-and-german-defence-of-their-biggest-banks/, 1. 10. 2022.
  7. Kalss Susanne, „The Promotion of Small and Medium-Sized Companies Acting as a Catalyst for European Capital Markets Law?“, Capital Markets Union and Beyond (eds. Franklin Allen, Ester Faia, Michael Haliassos, Katja Langenbucher), The MIT Press Cambridge, Massachusetts – London, England, 2019.
  8. Kotta Kyriakou Thomais, „Harmonizing Corporate Actions for the Achievement of a Capital Markets Union: An analysis of the Shareholders’ Rights Directive, the Green Paper ‘Building a Capital Markets Union’ and TARGET2-Securities“, European Company Law Journal, Nr. 3/2017.
  9. Kumpan Christoph, „Die Europäische Kapitalmarktunion und ihr Fokus auf kleinere und mittlere Unternehmen“, Zeitschrift für Unternehmens- und Gesellschaftsrecht, Nr. 1/2016.
  10. Langenbucher Katja, „Building a Capital Market – the Final Report of the High Level Forum on the EU Capital Market Union“, European Company and Financial Law Review, Nr. 6/2020.
  11. Lannoo Karel, „Which Union for Europe’s Capital Markets?“, ECMI Policy Brief, Nr. 22/2015, доступно на адреси: https://www.ceps.eu/download/publication/?id­8811&pdf­ECMI%20PB22%20KL%20Capital%20Union%20final.pdf, 1. 10. 2022.
  12. Perrone Andrea, „Capital Markets Union: A Proposal for Action“, Orizzonti del Diritto Commerciale, Nr. 3/2016, доступно на адреси: https://ssrn.com/abstract­3389427, 1. 10. 2022.
  13. Pietrancosta Alain, „Recent Initiatives in Favor of Listed and Nonlisted Small and Medium-Sized Enterprises: A Legal Perspective“, Capital Markets Union and Beyond (eds. Franklin Allen, Ester Faia, Michael Haliassos, Katja Langenbucher), The MIT Press Cambridge, Massachusetts – London, England, 2019.
  14. Ringe Wolf-Georg, „Capital Markets Union for Europe – A Political Message to the UK“, University of Oxford Legal Research Paper Series, Paper No 26/2015, March 2015, доступно на адреси: http://ssrn.com/abstract­2575654, 1. 10. 2022.
  15. Совиљ Ранко, „Правне последице климатских промена на редефинисање тржишта капитала – може ли тржиште капитала допринети остваривању циљева нискоугљеничног развоја?“, Право и привреда, бр. 2/2022. (Совиљ Ранко, „Правне последице климатских промена на редефинисање тржишта капитала – може ли тржиште капитала допринети остваривању циљева нискоугљеничног развоја?“, Право и привреда, бр. 2/2022)
  16. Schammo Pierre, „Capital Markets Union and Small and Medium-Sized Enterprises (SMEs): A Preliminary Assessment“, The new financial architecture in the Eurozone (eds. Franklin Allen, Elena Carletti, Joana Graz), European University Institute, Florence, 2015.
  17. Schammo Pierre, „Market Building and the Capital Markets Union: Addressing Information Barriers in the SME Funding Market“, European Company and Financial Law Review, Nr. 2/2017.