Keynote speech by Vítor Constâncio, Vice-President of the ECB, at Chatham House, London, 21 March 2016
Ladies and gentlemen,
A well-functioning, diversified and deeply integrated capital market is of key relevance for the European Central Bank. This explains why we have supported the European Commissions initiative to establish a capital markets union (CMU) from the very beginning.
In my remarks, I will focus on the ways CMU could contribute to the achievement of the most important tasks of the Eurosystem and to enhance the economic and welfare effects of the euro area:
First, financial integration and capital markets development can facilitate the transmission of monetary policy in the euro area.
Second, a more diversified …
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