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EU wants capital market plan in place before Brexit
The European Union stepped up efforts on Monday to create a more unified and cheaper capital market by next year when it faces the loss of Britain, the bloc’s biggest financial centre. The EU’s executive European Commission set out its latest plans for a “capital markets union” (CMU), a project initially focused on reducing heavy reliance of company funding on bank loans, but now made more pressing by Brexit. “By the time Brexit happens, the preconditions for a true single market for capital need to be in place,” European Commission Vice President Valdis Dombrovskis told a news conference. It is critical ... (full story)