The logic, features and future shape of the new financial architecture of the Eurozone were discussed under Chatham House Rules on the occasion of a high-level conference hosted in Florence on 23 April 2015, by the European University Institute in cooperation with Imperial College London. The conference was attended by central bankers, EU policy- makers, members of the financial industry as well as by academics. The following key conclusions came out from the discussion: 1. Despite its incomplete nature, the Banking Union represents a great achievement in terms of financial stability control, thus ensuring a more resilient euro area. 2. By contrast, the exact objective, scope and institutional capabilities of the Capital Markets Union remain a puzzle to many participants. 3. Risks of regulatory fragmentation arising between the European Union and the Euro Area are somewhat exaggerated, it was overall felt. The existence of European platforms such as the European System of Financial Supervision (ESFS) acts as a safeguard to the integrity of the single market.
Paolo Colla, Elena Carletti & G. Mitu Gulati, Evaluating the 2013 Euro CAC Experiment, in The New Financial Architecture of the Eurozone, European University Institute, 123 (2015).