Spain has proposed a faster path to closer EU financial integration among like-minded nations in an effort to end a decade-long stalemate over harmonising the bloc’s capital and credit markets.
Madrid made a formal proposal on Monday for a new mechanism to allow a vanguard of three or more countries to proceed on joint initiatives even when other EU members are wary — starting with the creation of a pan-European credit rating system.
For more than a decade, the EU has sought to tear down national barriers in capital markets to help European companies raise funds, but the efforts to forge a “capital markets union” have been scuppered by resistance from several capitals.
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