So... will Europe ever build the CMU? — Les Barclays 重點整理

CMU progress stalled by political fragmentation and national self-interest

—CMU was proposed in 2014; over a decade later, minimal progress due to EU member-state footdragging
—France wants to keep everything in Paris via ESMA; Frankfurt Stock Exchange floats LSE merger which undercuts EU sovereignty goals
—Euronext-Frankfurt merger is also struggling — ironically similar to the FCAS defence debacle
—The E6 (Spain, Germany, France, Poland, Italy, Estonia) represent ~60% of EU GDP and plan to proceed; others join later — but financial jobs in Milan, Madrid and Amsterdam could be devastated

—German Series A financing requires €58,954 in notary fees and 5+ hours of documents being read aloud — vs a DocuSign PDF in the UK or US #比較
—EU-Inc proposal addresses founder-side friction (flexible funding, harmonised ESOP regime, fast digital process) but fails the investor test — 'on paper European, in practice national'
—Notary requirement finally eliminated in the latest proposal, but the draft still layers 27 national bureaucratic solutions rather than sweeping them away
—EU law courts are too slow (often years for rulings); EU Inc must update corporate law annually with direct input from founders and investors, as Delaware does #催化劑

—A single pan-European exchange achieves nothing by itself; the real fix is a centralised regulator (like the SEC) and unified taxation across member states
—UCITS proves Europe can harmonise finance, but so long as Paris, Frankfurt and Madrid each want their own tax rate, capital will keep flowing to London and New York
—To boost European equity financing: reduce listing costs and complexity, eliminate withholding tax disadvantages, and credibly improve Europe's image as a home for capital
—Risk aversion in European and UK equity markets is cultural, top-down, and harder to fix than any policy lever — culture itself is a policy

每天早上,收件匣見

53 位中英文財經 KOL 的觀點,每天自動整理成一份日報。免費,隨時可退訂。