EU’s Gentiloni: some states to ‘move together’ if no consensus on capital markets union

BRUSSELS (Reuters) – If no consensus is reached on creating a Capital Markets Union, some European Union member states will move forward together, EU Commissioner for Economy Paolo Gentiloni said on Monday.

“The Eurogroup is committed to move forward (on capital markets), that doesn’t mean that political and difficulties will be overcome easily,” Gentiloni said before a meeting of euro zone finance ministers in Brussels.

“If a consensus will not be reached, some member states will move (forward) together,” he said.

Although Europeans generally save more than Americans, EU capital markets currently lack the depth of their U.S. counterparts because they largely operate along national lines.

All EU leaders gave support to the principle of capital markets union at a summit last month though divisions remain on the details, with some countries reluctant to cede control of national financial rules.

(Reporting by Benoit Van Overstraeten and Charlotte Van Campenhout, Editing by Timothy Heritage)

Source link