彼得森经济研究所：2025年打破僵局：单一监管机构解除欧洲资本市场联盟的束缚报告（英文版）

The debate about a European Union single market for nonbank financial services goes back decades. In recent years, the economic and strategic case for the idea, rebranded as capital markets union in 2014 and included in a broader concept of savings and investments union in 2024, has strengthened. But progress towards that goal has been embarrassingly modest. This working paper argues that supervisory integration—the pooling of capital market supervision at the EU level—is the only realistic o