The Munich Financial Center Initiative sets priorities. We pick up on current topics from the financial and real economy, prepare position papers, commission expert reports and then pass them on to the decision-makers.
On behalf of the fpmi, the Center for European Policy (cep) has examined and produced an analysis of the regulatory role of the European Supervisory Authorities (ESAs) and the EU Commission. Cep makes ten recommendations for improving control and scrutiny of the ESAs' activities at Level 2 and Level 3. These recommendations will help ensure that the ESAs and the Commission comply with four essential principles when carrying out their regulatory work: adherence to the mandate, subsidiarity, proportionality and consistency.
This report deals with the significance of the Capital Markets Union (CMU) for corporate finance. It begins by evaluating the status quo with regard to capital market-oriented and bank-based corporate finance in Germany. The subject matter and background of the CMU are then highlighted and the CMU is subjected to a qualitative analysis. The last section of the assessment features recommendations for action derived from the analysis.