More than a dozen smaller EU states are mounting a fightback against efforts to unify Europe’s fragmented capital markets, highlighting the torturous politics around the decade-long financial reform effort.
France recently led a push — backed by Italy, Spain, the Netherlands and Poland, some of the EU’s biggest economies — to revive reforms to deepen market integration and centralise supervision.
Paris argues the overhaul of financial markets would help tap private capital for Europe’s huge investment needs in defence and the green transition, which run to hundreds of billions of euros a year.
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