Fabio Panetta, member of the Executive Committee, emphasized the urgent need to work together to achieve a more closely integrated European economic landscape in today’s fragmented global economic context. In a statement, he noted that in order to reach this goal, focusing on the construction of a single European capital market, the Capital Markets Union, will be at the center of the strategy.
Panetta emphasized that in the face of the volatility and challenges of the global economy, European countries need to move away from the limitations of acting alone and instead work in concert to achieve greater economic coordination and integration. He argued that the construction of a Capital Markets Union would help to remove the barriers to capital markets that currently exist within Europe, thereby facilitating freer movement and efficient allocation of capital.
Panetta further emphasized that the implementation of the Capital Markets Union requires close cooperation between governments and financial institutions. In addition to legal and regulatory harmonization, there is a need to enhance information exchange and technological interoperability to ensure that capital markets across Europe can operate more efficiently and safely. This initiative will not only promote economic growth, but also enhance Europe’s ability to withstand external risks and create a more favorable environment for the sustainable development of the European economy.
Fabio Panetta emphasized that by establishing the Capital Markets Union, Europe is expected to maintain its competitive edge in the global economic competition, achieve closer integration, and create a strong foundation for sustained prosperity and stability. This will require a concerted effort by all countries, but will ultimately lead to a more prosperous future for Europe.