Polish FinMin says EU needs union of capital markets

Maciej Kulczyński/PAP

Polish Finance Minister Tadeusz Koscinski believes that the EU needs a union of capital markets more than ever before, with its goal being the development of strong European financial markets and brokers that are capable of competing in the international arena.

Minister Koscinski made the statement during an online European Capital Markets Union and the Future of the UK-EU Relationship panel, held as part of the Annual International Financial Service Forum (City Week 2020). It was focused on the future of the European union of capital markets and future EU relations with the United Kingdom, the Finance Ministry reported on Tuesday.

Having repeated that the EU needed a union of capital markets more than ever before, the minister wrote on Twitter that after the COVID-19 pandemic, the rebuilding of a more resilient European economy should be carried out by means of a well-functioning and well-integrated capital market and added that this was more urgent now than before.

"From the global point of view, European capital markets are relatively small and divided. That is why the union of capital markets should be designed to develop strong European financial markets and brokers that will be able to compete in the international arena," Koscinski stated.