Spain and six EU countries launch a plan to advance in the capital market at several speeds | Economy

The Minister of Economy, Carlos Body, entering the meeting room of the EU council.olivier Hoslet (EFE) Spain presses everything that is in his hand to boost the integration of the capital market in the European Union so that companies can find financing more easily. To achieve this, the Minister of Economy, Carlos Body, has agreed with his counterparts from Germany, France, Italy, Poland, the Netherlands and Luxembourg launch the competitiveness laboratory, in which the governments of these countries will study initiatives to delve into financial integration. They leave the door open so that other EU members join the project. The first project is the creation of a paneuropeo savings product that allows channeling that money towards the credit to the private sector. The integration of the capital market is one of the pending elements in the Union to deepen the single market. This reform is key to advancing in the future of Europe. In fact, in it, the two reports prepared last year by the Italians Enrico Letta and Mario Draghi, respectively, rejected a good part of European hopes to finance the contribution of companies to twin transitions, both digital and ecological. To them, it has joined, almost putting ahead in recent weeks, defense spending, which will also require an investment effort of companies in the sector. The need for money that is needed are huge –800,000 million only for the double green and technological transition; For defense, numbers are also handled with hundreds of thousands of millions – and that is where the union of the capital market becomes important to prevent each year from leaving the EU around 300,000 million in savings in search of investments that offer more profitability than in the United States. Competitiveness To the meeting in the representation of Spain before the EU, the headlines of the six largest economies of the EU most luxembourg, a small country but of great importance in this type of initiatives have come for being one of the most important financial centers in the Union. The appointment was going to be held, in principle, in Valencia next Thursday, but it has finally been advanced on Monday in Brussels. Spain presented the idea of ​​the Competitiveness Laboratory last October, in these months it has found the support of these other countries and has also supported the Commissioner of Financial Services itself, Maria Luís Albuquerque. “It is that a group of Member States act as an advance to put these integration projects on the table and to advance in the creation of a true internal market. It also allows us to do so in a coordinated manner with the initiatives that the European Commission has, ”explained the Minister Body.” We have discussed concrete projects such as the creation of a true European savings product with common characteristics for all European citizens who contribute to the channeling of this savings for this great objective that is the strategic autonomy and economic security in Europe ”, has continued body, which has put dates to the launch of this first project:” detail it enough from here to June to be able to start it already in the second half of the year. ”The commission is also working on achieving greater integration of the capital market. In fact, the department directed by Albuquerque is finalizing a communication on what has come to call an union of savings and investments an initiative that, as the name clearly shows, seeks to mobilize the savings of European households to finance the private sector and do not cross the Atlantic. (Tagstotranslate) Economics (T) Ministry of Economy (T) Commerce and Company

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