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A London-less CMU leaves the EU in a quandary

An EU capital markets union without the UK will be a smaller and more fragmented affair than had originally been envisaged. But how will the bloc work around the absence of what is currently its largest market?
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The UK’s decision to leave the EU was a blow to the bloc's capital markets union (CMU) initiative, given that London hosts the world’s largest financial centre and many of Europe’s most liquid markets.

It is no wonder, then, that Société Générale chairman Lorenzo Bini Smaghi recently called for London to be involved in the CMU post-Brexit. Barclays CEO Jes Staley has made similar remarks.

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