Zur Kritik der Kapitalmarktunion

This article examines the European Commission’s proposal to establish a Capital Markets Union through facilitated marketbased financing, prominently cross border securitisation. However, facilitated securitisation might raise systemic risks through a deteriorated term transformation, imperfect risk transfer and excessive leverage. It might create a new liquidity glut completely separated from the needs of the real economy. In addition, this concept is contradictory to previous efforts to properly supervise, regulate and control the European financial markets. The essay favours a regulation and control approach combined with extensive EU reforms of the financial sector.