Meeting of the Committee on Economic and Monetary Affairs on the "Capital Markets Union" Green Paper in the EP in Brussels. Statements by&nbsp;Jonathan HILL, Member of the EC in charge of Financial Stability, Financial Services and Capital Markets Union, Roberto GUALTIERI (S&amp;D, IT), Chair of the ECON Committee, Markus FERBER (EPP, DE), Neena GILL (S&amp;D, UK) and Sylvie GOULARD (ALDE, FR)

Brussels

exchange of views

statement

GUALTIERI, Roberto (S&D, IT)

Committee on Economic and Monetary Affairs

FERBER, Markus (EPP, DE)

GILL, Neena (S&D, UK)

Capital Markets Union (T)

GOULARD, Sylvie (ALDE, FR)

HILL, Jonathan (UK)

Building a "Capital Markets Union" Green Paper: extracts from the exchange of views with Jonathan HILL, Member of the EC in charge of Financial Stability, Financial Services and Capital Markets Union

SOUNDBITE (English), Roberto GUALTIERI (S&amp;D, IT), ECON Chair, "We welcome the fact the Commission already presented a first step, first building block of this ambitious project, the Green Paper"

SOUNDBITE (English), Roberto GUALTIERI (S&amp;D, IT), ECON Chair, "...This Committee will engage constructively in designing the structure, the agenda, the road map for Capital Market Union"

SOUNDBITE (English), Jonathan Hopkin HILL, EC Commissioner, "If the 350 billion Euro investment plan is aimed at kick starting investment , Capital Markets' Union is encouraging invesmtment for the long term and it's a project for all 28 Member states..."

SOUNDBITE (English), Jonathan Hopkin HILL, EC Commissioner, "We want to remove the barriers that stand between investors and investment opportunities and we want to make the system for channelling these funds more efficient."

SOUNDBITE (English), Jonathan Hopkin HILL, EC Commissioner, "We want to build a CMU that gives retail investorsa wider range of choices about where to put their money and the confidence in the integrity of markets to make those choices."

SOUNDBITE (English), Jonathan Hopkin HILL, EC Commissioner, "Capital Markets' Union is about complementing the role of banks not about displacing them. It's about developing European solutions not aping American ones. Europe's banking System will obviously continue to play a pivotal role in Europe's economy."

SOUNDBITE (English), Jonathan Hopkin HILL, EC Commissioner, "To take just one example: if EU venture capital market were as developed as those ones in the US,  companies would have been able to tap into an extra  90 billion Euros between 2008 and 2013."

SOUNDBITE (English), Jonathan Hopkin HILL, EC Commissioner , "For Example corporate bonds tend to lack liquidity and it is difficult to issue them in small sizes. Some countries have looked at making this easier and we want to assess the appropriateness of greater standardisation in that area   through a market led initiative or through regulatory intervention."

SOUNDBITE (German), Markus FERBER (EPP, DE), MEP, "I wonder do we have that much time to wait until the end of this Parliament for legislation to be in place?"

SOUNDBITE (English), Jonathan Hopkin HILL, EC Commissioner, "My approach to this is not to say let's discuss these things for 5 years. My approach is to start with some sensible analysis and to try to identify what all the obstacles are and my approach will be to try to make  progress and build the Single market from the bottom up."

SOUNDBITE (English), Neena GILL (S&amp;D, UK), MEP, "How do you believe that this could make a real tangible difference for an SME , one in Portugal, another one in Germany, another one in Greece, all their needs are very different."

SOUNDBITE (English), Jonathan Hopkin HILL, EC Commissioner, "Those that have the least developed capital markets and the least diverse entrepreneurial landscape are those that are most enthusiastic about the potential that capital markets could bring.So that's why I emphasize strongly that this is a project for all 28 member states."

SOUNDBITE (French), Sylvie GOULARD (ALDE, FR), MEP, "In the Euro zone we have something that looks good on paper. the rational on paper is great however if you come together with people to have a single currency, with people who don't have the same values about currency and  money and what the ECB is  then I am worried about it . Coming form a country where anything that is private is considered suspect by large part of public opinion , where people aren't used to go to the markets, I am a bit worried about this, I am worried about the cultural aspects."