Contents

Chapters in this book

1. Frontmatter I
2. Foreword V
3. Preface VII
4. Contents XVII
5. Introduction XIX
6. The authors XXV
7. Can the Capital Markets Union be a Game Changer?
8. The Political Economy of the Capital Market Union 1
9. ‘Will the Capital Markets Union be a game changer?’ 13
10. The Capital Markets Union revisited: what do we want and need from it and can the Savings and Investment Union deliver that? 19
11. The Effects of Market-based Non-bank Competition
12. The private markets opportunity and its implications for financial markets 45
13. Banking and non-banking financial institutions: Co-existing to better finance the challenges of Europe’s economy 55
14. The Future of the Financial Sector: Insights on Bank Disintermediation 65
15. The Effects of Central Bank Digital Currencies
16. The digital euro’s effect on the financial sector 71
17. Lessons from BIS Innovation Hub experiments on central bank digital currencies (CBDCs) 81
18. CBDCs – The most transformative innovation in the financial system 95
19. The Digital Euro: A Part of a Competitive and Sovereign European Payments System? 101
20. The Effects of Regulatory Reform
21. Banking Regulation: Reforming Without Retreating 107
22. The growth imperative: thinking strategically about deregulation 115
23. The Effects on Monetary Policy
24. Monetary policy, risk-taking and NBFI: what differs? 125
25. Nonbank finance and monetary policy transmission 139