Italian deputy governor warns on hurdles to capital markets union
Many obstacles in front of proposed reforms, Salvatore Rossi says
Overcoming the "variety of national habits and interests" of European nations to achieve a true capital markets union (CMU) is an inherently difficult task, the senior deputy governor at the Bank of Italy has said.
A CMU is necessary to break European economies' dependence upon banks for finance, Salvatore Rossi said in a speech in Rome on December 11. This was "bad, in any circumstance", but especially so when increased capital requirements on banks were making them more reluctant to lend to
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