Latest news with #singlemarket
Finextra
2 days ago
- Business
- Finextra
Euroclear unveils plan for post-trade infrastructure connecting all 27 EU markets
Euroclear today unveils a comprehensive plan to establish a true single market for post-trade services across asset classes. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This initiative, aimed at enhancing the efficiency and effectiveness of European market infrastructure, will support the Savings and Investments Union's (SIU) ambitions and ensure Europe remains the 'go-to place' for investors and issuers globally. Euroclear's ambitious project will bring a number of significant benefits, including providing seamless connectivity across the single market, encouraging healthy market competition, promoting financial stability, and fostering innovation and accelerated technology adoption. To do so, Euroclear builds on the know-how, scale and global connectivity of its unique model: combining the leading international Central Securities Depository (Euroclear Bank) with its six local CSDs in Europe. This open-model positions Euroclear as Europe's gateway to the world - enabling it to connect global markets, drive innovation and unlock further efficiency. Euroclear commits to provide a single point of access to all 27 Member States across all financial asset classes – equities, fixed income and all types of funds, by: • Offering both central bank money and commercial bank money access to all EU CSDs by accelerating the full connection of Euroclear Bank to the European Central Bank's Target2-Securities (T2S) platform. • Delivering more efficient and integrated services through enhanced synergies between Euroclear's local CSDs as well as with Euroclear Bank. This action plan will see Euroclear continue to invest in infrastructure and services that contribute to a more efficient single market: • Providing a pan-European infrastructure for issuers seeking access to a broad investor ecosystem, deep liquidity and cost-effective issuer services. • Enhancing post-trade infrastructure to channel retail and institutional investment towards equities, mutual and alternative fund products. • Building on our leading collateral management solutions to enhance liquidity and stability in global financial markets. • Working with central banks and market participants on the development of next-generation digital infrastructure. To implement this action plan, Euroclear's focus will be to complete Euroclear Bank's commercial bank money access to all 27 EU Member States by 2026. In parallel, we will accelerate Euroclear Bank's connection to T2S to offer Central Bank Money access thereafter. Valérie Urbain, Euroclear's CEO, commented: "The key to more liquid and effective capital markets in Europe is through driving market openness, interconnectivity and maximising choice for users. Only under these conditions can European markets truly thrive and remain competitive at a global level. Today, we are committed to making Euroclear the single-entry point for all asset classes including funds, fixed income and equities across the 27 Member States." Euroclear has been actively contributing to the financing of the European economy and integration of European markets over decades. Today, as the largest CSD group in Europe, Euroclear holds over 50% of all securities issued in the EU and represents over 60% of EU settlement turnover. To support these efforts, Euroclear has outlined several policy priorities and recommendations [ for European policymakers and market participants. These include enabling FMI group integration and regulatory simplification, strengthening open access and competition, fostering legal and regulatory convergence, optimizing settlement and asset servicing, scaling digital assets and DLT infrastructures, and enhancing supervisory consistency.
Irish Times
08-07-2025
- Business
- Irish Times
‘Act now or quit': Ryanair calls Ursula von der Leyen to protect flights over Europe
Ryanair has called on European Commission President, Ursula von der Leyen, to take action to protect flights over Europe during national French ATC strikes, or stand down from her role. In an open letter to Ms von der Leyen, chief executive Michael O'Leary said failure to protect and defend the single market for air travel during the strikes was 'indefensible and unacceptable'. The airline was forced to cancel more than 400 flights over two days as air traffic controllers took strike action in a bid to secure better working conditions. In total, airlines across Europe cancelled 1,500 flights, affecting around 300,000 passengers. Describing the action as 'recreational', Mr O'Leary said most of the flight cancellations could have been avoided if flights through French airspace were protected. He rejected claims that air traffic control was a 'national competence', and said the EU must insist France protect flights passing through French airspace, or allow aviation organisation Eurocontrol to do so. READ MORE 'We do not allow our railways, our motorways, or our shipping lanes to be closed by industrial action, so it is unacceptable that the EU Commission President fails to defend the single market for air travel,' he said. 'During the Brexit negotiations, Commission President von der Leyen repeatedly stated that 'protecting the single market is the most important duty of her presidency of the European Commission'. If that is so, then she should take immediate action to protect overflights and the single market for air travel during French ATC strikes and stop failing on this issue.' Mr O'Leary noted that authorities in Spain, Italy and Greece protected overflights during air traffic control strikes. He also described the industrial action in France as an annual event, with 'baseless claims'. Air traffic controllers are demanding better working conditions, striking over persistent understaffing, outdated equipment and a toxic management culture. Mr O'Leary has been critical of the European Commission's response to the disruption, publicly calling last week for Ms von der Leyen to expedite reform of the system or resign.
Irish Times
25-06-2025
- Business
- Irish Times
The Irish Times view on the EU summit: leaders must focus on blockages to growth
EU Council meetings no longer have the drama associated with the most acute phase of the euro zone debt crisis over 2011 and 2012, but they are once again assuming a similar level of importance. EU institutional reforms over the past decade have provided it with enough ballast to ensure that the 27-member union will not collapse due to a sudden shock. But there are legitimate concerns about its long-term viability unless further deep-rooted reforms are implemented. Top of the agenda at this week's summit is deepening the single market, the rules which are designed to allow the free movement of goods, services, capital and people. On January 1st, 1993, the White Paper on the Completion of the Single Market was launched. It was a remarkable project and much has been done. But 32 years later, many of the recommendations and objectives in the White Paper remain theoretical concepts. When faced with a choice of breaking down internal barriers to a single market or caving in to national and sectoral interests, member states have too often chosen the latter. Barriers to trade and investment remain buried in national rules and regulations and key parts of the plan for banking union have still to be implemented, damaging investment and disadvantaging consumers. READ MORE Europe has relied heavily on exporting beyond its own shores. But protectionism is on the rise since Donald Trump embarked on his second term as US president. Globalisation has reached an impasse and may be replaced by more regionalisation. This means that the EU can no longer rely to the same extent on export-led growth. It must build its level of self-sufficiency. A crucial starting point is unleashing the potential of the Single Market. A fully functioning European economy is the underpinning of a robust EU and this is important politically as well as economically. There are encouraging signs that EU leaders are cognisant of these challenges. Friedrich Merz, the German chancellor, has upended the country's economic orthodoxy by scrapping the national debt brake and pledging hundreds of billions in investment in the domestic economy. There is a general acceptance of the direction of the economic reports drawn up by former Italian prime ministers Mario Draghi and Enrico Letta. The commission has drawn up a strategy plan on the Single Market, which is up for discussion. But the challenge is to take action. EU leaders have a lot on their plate, including urgent political and foreign affairs issues and tariff talks with the US. It is all too easy to get preoccupied with today's issues and Trump's tariff threats. But EU growth has been lacklustre and Europe lags behind in too many areas of innovation and technology. The EU needs to move ahead quickly to improve its own economic foundations.
Yahoo
19-06-2025
- Business
- Yahoo
IMF chief: European lifestyle is at risk if productivity isn't boosted
Europe needs to boost its growth in the face of global headwinds or risk losing its way of life, said the head of the International Monetary Fund Kristalina Georgieva on Wednesday. 'I don't want Europe to become the United States of America, but I want the productivity and functionality of Europe to go up,' she told Euronews. 'In Europe we enjoy being a lifestyle superpower. Unless we become more productive we may lose this advantage,' she added. Georgieva was speaking ahead of the publication of a new IMF statement on Thursday, which offers economic suggestions to eurozone nations. One key message is that Europe must speed up progress on the single market, which ensures the free movement of goods, services, capital and people between single market nations. 'There are no tariffs within Europe, but it doesn't mean there are no barriers in Europe, regulatory and otherwise,' Georgieva told Euronews. The IMF estimates that barriers to free movement in the single market are equivalent to a 44% tariff on goods and a 110% tariff on services. Georgieva noted that in the US, what is produced in one state is split 30-70, meaning 30% is consumed in that state and 70% is sent to other states. In Europe, on the other hand, 70% of production is consumed domestically while 30% is sent abroad. This is a set-up that limits growth by keeping markets smaller and less competitive. 'If Europe completes the single market, over 10 years, it would boost GDP by 3%,' said Georgieva. Related US tariffs will not spark global recession but will weaken economy, IMF says EU budget needs 'a comprehensive overhaul' to handle shocks, says IMF Means to advance progress on this front include lowering regulatory fragmentation, supporting labour mobility, facilitating cross-border banking mergers, integrating the energy market, and making progress on the capital markets union (CMU) — said the IMF. The CMU aims to allow investment and savings to flow seamlessly across member states. This would make it easier for businesses in one EU state to source funding from another EU state, supporting firms to grow and create jobs. In terms of deepening capital markets, the IMF's statement added that the EU should 'increase institutional investors' familitary with venture capital as an asset class and address remaining undue restrictions on their ability to invest in it'. Looking ahead, the IMF expects eurozone growth at a moderate 0.8% in 2025, picking up to 1.2% in 2026. Trade and geopolitical tensions are expected to dampen sentiment and weigh on investment and consumption. With regards to interest rates, the IMF argued that 'a monetary policy stance close to neutral is justified' as headline inflation nears the ECB's 2% target. When balancing spending pressures with fiscal sustainability, the IMF recommended that countries with strong public finances support countries with less room for manoeuvre. 'It is crucial that care be taken in implementing the EU fiscal rules to ensure that countries with low fiscal risks that intend to increase spending to boost potential growth and enhance resilience should not be constrained from doing so by the rules,' said Thursday's statement. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
