BRUSSELS, Belgium, Sept. 24 (Xinhua) -- The European Commission on Thursday unveiled plans to expand the European Union's (EU) Capital Markets Union (CMU), with the top priority being the bloc's recovery from the unprecedented economic crisis caused by the coronavirus pandemic.
"The strength of our economic recovery will depend crucially on how well our capital markets function and whether people and businesses can access the investment opportunities and market financing they need," said Valdis Dombrovskis, the European Commission's executive vice president for an economy that works for the people, in a statement.
He said that the pandemic injected urgency into the EU's work to create a CMU, which is seen as crucial to boosting the international role of the euro.
Large and integrated capital markets will facilitate the EU's recovery, making sure that businesses, in particular small and medium-sized businesses, have access to sources of funding and that European savers have the confidence to invest for their future.
The action plan unveiled on Thursday has three key objectives: ensuring that the EU's economic recovery is green, digital, inclusive and resilient by making financing more accessible for European companies; making the EU an even safer place for individuals to save and invest long-term; and integrating national capital markets into a genuine EU-wide single market for capital.
The plan also aims to create a single access point to company data for investors; strengthen investment protection to support more cross-border investment in the EU; make insolvency rules more harmonized; support insurers and banks to invest more in EU businesses; and facilitate the monitoring of pension adequacy across Europe.