By Huw Jones
LONDON (Reuters) – The European Union on Thursday presented plans to expand and bolster its capital market to help reboot companies hit by the coronavirus and reduce the bloc’s reliance on the City of London after Brexit.
Companies need to refund themselves as they emerge from recession caused by pandemic lockdowns, with Brussels wanting them to use stock and bond markets and reduce reliance on bank loans.
The plans would help give the EU market “strategic autonomy” when Britain exits the bloc’s single market on Dec. 31, the EU launch documents said.
Digital finance forms a core plank of the bloc’s third batch of measures in five years to create a Capital Markets Union (CMU) by including what EU officials describe as the world’s most comprehensive set of rules for cryptoassets.
“The strength of our economic recovery will depend crucially on how well our capital markets function