Franco-German Initiative welcomes EU Capital Markets Recovery Package and claims for more Reforms on specific Issues

Five French and German associations from the financial sector have jointly commented on the EU Capital Markets Recovery Package. The five associations are very supportive of the approach taken by the European Commission (EC). Nevertheless they consider that on some specific issues reforms should go a step further to fully benefit to the financing of the Union’s economic recovery. 

The five associations also very much welcome the EU Capital Markets Recovery Package in light of the growing probability of a hard Brexit and the EC’s and co-legislators’ ambitions to revamp the CMU project to preserve the competitiveness of EU-27 financial markets actors and to develop the Union’s sovereignty in the financing of its economy. The five Members of the initiative are 

• the Association française des marchés financiers (AMAFI)
• Deutscher Derivate Verband (DDV, German Derivatives Association)
• Deutscher Sparkassen- und Giroverband (DSGV – German Savings Banks Association)
• Fédération bancaire française (FBF) 
• French association of the structured and listed retail investment products (AFPDB)