The finance ministers of the European Union's six biggest economies met in Berlin on Thursday for talks that also touched on efforts to create a capital markets union in the bloc.
German Finance Minister Lars Klingbeil, who hosted the discussions held on the shore of Berlin's Wannsee lake, said the so-called E6 group - also comprising France, Spain, Italy, Poland and the Netherlands - was working to "provide impetus" on key issues "so that we can make progress in key policy areas in Europe.
"We want to break deadlocks, for example regarding the European capital market," he said.
For years, the European Union has been struggling to find agreement for a common capital market.
The European Commission has proposed streamlining national rules to create a so-called savings and investment union. Harmonizing financial rules in Europe has however proven difficult in the past.
Supervisory body is sticking point
The EU aims to encourage more small investors to invest in the financial markets, so that more money is available for infrastructure, digitalization and protecting the environment. Companies should be able to raise money more easily. However, the implementation of the project is stalling.
The E6 supergroup has been pushing for a joint financial market, while other member states have been more reluctant to cede further powers to Brussels, with some questioning the extent to which the planned supervisory body would be centralized.
A package of measures is set to be adopted before the end of the year, the German minister said. “That would be a real step forward for the capital markets.”
“I am firmly convinced that we need to make compromises,” Klingbeil said, without providing details.
“More investment is needed in Europe so that companies can grow and don't relocate,” Klingbeil said.
“The goal must be for the EU to become the most attractive economic area in the world,” the minister said. “We have the potential to do so. We just need to work on it.”
