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Top bankers bemoan slow pace of European capital markets union -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Germany’s Deutsche Bank in Frankfurt is captured early on an evening, 26 January 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT, (Reuters) – Two leading bankers bemoaned Friday’s slow pace in unifying European capital markets. They expressed concerns about the fact that too much European innovation and investment is leaving Europe for the United States.

Jean Lemierre, Chairman of BNP Paribas (OTC) stated that European insurance companies have to look abroad for liquid investments in the United States because capital markets are deep. He also said that European startup often travel across the Atlantic.

He stated, “It’s absurd.”

European banks long called on politicians to intensify their efforts to unite capital markets and banking across Europe.

Deutsche Bank Christian Sewing, chief executive of Biontech, cited the example of an American company that was established in Europe and then listed in New York as a result.

Sewing declared, “That is the problem.”

He stated that the capital markets union “safeguards” the European economy’s competitiveness.

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