Efama president says small group of states could forge ahead and warns delay hands ‘ever-increasing advantages’ to US
Europe’s funds industry body has thrown its weight behind a French proposal for a small group of countries to forge ahead with a capital markets union, in a sign that investors are growing increasingly frustrated with the EU’s lack of progress on the long-standing ambition. Sandro Pierri, president of the European Fund and Asset Management Association, which represents the region’s €28.
In February, French finance minister Bruno Le Maire proposed that just three or four countries could forge ahead by themselves with a union, which could operate on a voluntary basis. “I am fed up with discussions. I am fed up with empty statements,” he said at the time. Last week, French President Emmanuel Macron warned that Europe faces a “mortal” threat from economic decline.
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