European Commissioner Backs Capital Markets Union Initiative by Slovenia, Austria, and Croatia

European Commissioner for Financial Services, Mairead McGuinness, has expressed strong support for the initiative led by Slovenia, Austria, and Croatia aimed at advancing the capital markets union and enhancing the European Union's competitiveness. In response to a joint letter from finance ministers of the three countries, McGuinness announced plans for in-depth discussions this fall to expedite the development of European capital markets, emphasizing the initiative's potential to foster economic growth across the EU. The finance ministers—Klemen Boštjančič of Slovenia, Magnus Brunner of Austria, and Marko Primorac of Croatia—highlighted the need for progress in establishing the capital markets union, particularly in harmonizing legislative frameworks and reducing bureaucratic hurdles for small and medium-sized enterprises. They underscored the initiative's significance for the EU's economic development and its role in facilitating investments in green and digital transformations over the coming years. Minister Boštjančič welcomed the support from the European Commission, noting the importance of collaboration among smaller member states. He stated that the initiative demonstrates how cooperative efforts can yield substantial results, and expressed optimism about continuing to develop concrete proposals to bolster the EU's competitiveness. The ministers also indicated that other member states have shown interest in joining their initiative, reflecting a growing momentum towards a more integrated and efficient capital markets union within the EU. The upcoming discussions are expected to further clarify the diverse perspectives of member states on this critical economic project.