EU Recovery & CMU: two sides of the same coin?
Completing the CMU has become even more urgent to speed up the EU’s recovery from the COVID-19 pandemic. Thus, the upcoming Capital Markets Union Action Plan and actions within the plan will be strongly inspired by what role can truly integrated EU capital markets play in post-COVID recovery.
The aims of the CMU, namely, helping companies to raise funds they need to support recovery and growth, making the EU a good place to invest long-term, and creating an integrated single market for capital that supports the EU’s digital and green transformations, go hand-in-hand with the EU Recovery package that aims to rebuild after COVID-19 and support investment in sustainability and digital transition.
This webinar will look at opportunities various EU funding mechanisms could offer in order to support building expertise around asset classes and fund structures in the EU. It will also look at best ways to address obstacles to the CMU, such as fragmentation and lack of cross border liquidity, through the Recovery Package.
Many businesses affected by COVID-19 will require substantial equity funding as bank lending alone will not provide the financing needed for a strong rebound of the economy. Some of proposed funding mechanism under the EU Recovery Package, such as InvestEU and Solvency Support Mechanism offer a great opportunity.
The Solvency Support Instrument supporting the equity of viable companies would support the recovery, leveraging private capital, while InvestEU will provide a specific window for SME financing.
One of the main aims of the InvestEU is to contribute to integration of the CMU, including through solutions that address the fragmentation and that diversify sources of financing for EU companies. The InvestEU also suggests maximising firepower of public/private fund vehicles, such as the SME IPO Fund, as well as increased support for financial intermediaries that are key to help small companies’ access financing and realise their full potential.
However, on their own, the plans under the Recovery Package will not be able to sustain a longer-term economic recovery. Hence, the upcoming CMU Agenda must work towards ensuring that companies can access stable and long-term financing. Measures within the CMU Action Plan are expected to support more long-term equity investments and cross-border investments.
This webinar will explore the opportunities under the EU Recovery Package and their alignment with the EU capital markets agenda. Special focus will be given to questions around (i) safe assets; (ii) impact on equity culture and (iii) stimulating asset management. It will also touch upon other issues relating to the CMU such as state aid constraints, tax and treatment of debt.
- Webinar link: https://zoom.us/j/91273005510
Date
- Expired!
Time
CET
Organiser
Linda Strazdina
Phone
+32471915476Senior Consultant and Head of Technology Practice
Other Organizers
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Tina Samar
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Email
Tina.Samar@aforeconsulting.eu -
Consultant
Speakers
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James ChewGlobal Head, Regulatory Strategy, HSBC Holdings plcJames Chew is Global Head, Regulatory Strategy in the Group Public Affairs department at HSBC Holdings plc. He Considers key regulatory policy developments which will affect the Group across the world, making contributions both directly and through industry bodies. In the aftermath of the Global Financial Crisis, he led HSBC’s interaction with the Independent Commission on Banking on bank structural reform in the UK and also worked on the new standards in areas such as recovery and resolution planning, capital requirements, and loss-absorbing capacity.
To improve finance for small business in the UK post-crisis, James helped create Business Growth Fund plc, a £2.5bn growth capital company established by five banks in the UK to provide long term equity investment into small and medium-sized enterprises in the UK. He was the interim CEO and remains a non-executive director. He has since been actively involved in the creation of similar vehicles in Canada and Australia. Most recently, he was a member of the EU’s High Level Forum on Capital Markets Union, and the Recapitalisation Group of TheCitiUK, in the aftermath of the Covid Crisis.
James joined the HSBC Group in 1993, having previously worked in merchant banking. He moved to the Group Planning department in 2001 and has been both Group Head of Planning and Group Head of Acquisitions and Disposals, which is responsible for shaping HSBC’s overall strategy and the plans for operation businesses with a focus on the implications of regulatory developments on HSBC’s strategy and operations. -
Thomas WieserChair of the CMU High-Level ForumThomas Wieser was the Brussels based President of the Euro Working Group and Chairman of the EU’s Economic and Financial Committee from 2012 to 2018, responsible for the preparation of the negotiations and decisions of EU Finance Ministers.
Prior to that he was Director General for Economic Policy and Financial Markets of the Austrian Ministry of Finance (2000 – 2012). He studied economics in Innsbruck. His post graduate education took him to Boulder, Colorado, on a Fulbright scholarship, and the Institute of Advanced Studies in Vienna.
At present he is associated with Bruegel, the Brussels Think Tank, as Non-Resident Fellow. He recently chaired the so-called High Level Group of Wise Persons on the European Financial Architecture for Development, and in 2019/20 the European Commission’s High Level Forum on CMU.
He has held a number of other international functions, such as that of Chair of the OECD Committee on Financial Markets and has published on a range of economic policy issues.
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Tuomas SaarenheimoPresident of the Eurogroup Working GroupTuomas Saarenheimo has been the President of the Euro Working Group (EWG) since April 2020. The EWG prepares the meetings of the Eurogroup and coordinates on euro-area specific matters. It is composed of senior representatives of the euro-area member states of the Economic and Financial Committee, the European Commission and the European Central Bank. Tuomas Saarenheimo also serves as the President of the Economic and Financial Committee, which prepares the ECOFIN Council and promotes policy coordination among EU member states.
Until April 2020, he was Permanent Under-Secretary at the Ministry of Finance, Finland, responsible for International and Financial matters. He joined the Ministry in 2013. In this position he was member of the EU Economic and Financial Committee, the Eurogroup Working Group, the Board of Directors of the European Stability Mechanism, and the Board of Directors of the European Financial Stability Facility. Prior to joining the Ministry of Finance, Mr Saarenheimo served several spells at the Bank of Finland, ending as Chief Economist and Head of Monetary Policy and Research. He has also held positions as Executive Director for Nordic and Baltic countries at the International Monetary Fund, as National Expert at the European Commission and as researcher at the University of Helsinki. Mr Saarenheimo graduated in 1989 from the University of Helsinki, where he also gained PhD in Economics in 1994. -
Uli Schulze SuedhoffDirector Business Development EMEA, GE Renewable EnergyIn early 2000, Uli started his career as a lawyer with Bertelsmann, from where he moved to Deutsche Bahn AG where he had various roles and responsibilities in Strategic Development, M&A, Business Development.
Before joining GE Renewable Energy, Uli worked with GE Capital heading the strategic & business development in EMEA for equipment financing.
In 2009 Uli joined the Renewable business where he was leading the European Business Development in Wind Services, driving growth throughout the European region, and after that the Central European Service P&L.
Since 2016 Uli is responsible for growth and commercial business development in Renewable Energy in EMEA. He is in charge of developing GE Renewable’s growth initiatives and new business models through the region.
Uli holds a law degree from Humboldt University Berlin and an LL.M. (master of laws) degree of UBC as well as an MBA from UBC & ESADE (Spain). He lives in Germany with his wife and two children.