EU in capital market plan

The European Union’s new financial services chief will set out his plans for a pan-European capital market by the middle of next year, aiming to reduce companies’ reliance on banks and help revive the bloc’s fragile economy.

Jonathan Hill, European commissioner for financial services, said yesterday that he was seeking to create an integrated capital market over the next five years and that he also would develop a plan by next summer — following a consultation of banks, lawmakers, and non-governmental organisations.

“We still do not have a fully functioning single market for capital,”the commission told a conference of EU officials and business leaders.