The resurrection of the securitisation market lies at the heart of the EU project to build a pan- European capital markets union (CMU) and it recently flowed into the Commission proposal for a Regulation laying down a framework for Simple, Transparent and Standardised (STS) securitisation.
This article offers a critique of the EU project to create a capital markets union and in particular of the proposed framework for STS securitisation. It is firstly centred on the problematic coordination of the policy objectives that underlay the very conflicting aims in this area of financial regulation. Secondly, it points to four more specific areas of concern, namely, the definition of securitisation for the purpose of the regulation, the linkages with the shadow banking system, the reliance on external ratings, and the question of supervision and regulation.
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