Series: Staff Discussion Notes
Author(s): Srobona Mitra , Anke Weber , Ashok Bhatia , Shekhar Aiyar , Luiza Antoun de Almeida , Cristina Cuervo , Andre Santos , and Tryggvi Gudmundsson
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 September 2019
Keywords: Capital markets, Monetary unions, Financial integration, Bilateral payments arrangements, Capital flows, Europe, Capital market union; financial integration; bilateral portfolio flows; monetary union; Europe
This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively sm...