Brexit forces EU to make changes

THE European Commission is to announce new initiatives to reconfigure its capital markets union (CMU) project on June 7 to reflect Britain’s decision to leave the European Union (EU).

Ugo Bassi, a director in the EU executive’s financial services unit, said yesterday the CMU needed reassessing due to Brexit.

“We are preparing the action plan for CMU 2.0, which will be published on June 7, in the form of a mid-term review and which will announce a number of additional initiatives we would like to take in coming months,” Bassi said at a conference of the Association for Financial Markets in Europe.