BRIEF: Spain Proposes Small Group Pioneer CMU
MNI (LONDON) - Spain has proposed that a subset of European countries form a "competitiveness lab" which would move ahead faster in order to create an EU Capital Markets Union.
Eurogroup President Paschal Donohoe said Spain's idea was to allow "a smaller group of countries would be able to cooperate with each other on ideas for deeper competitiveness" in areas like CMU and that finance minister
s would discuss the proposal at their next meeting on Nov. 4.
"My preference is for action to be taken across the entire Eurogoup and across the entire European Union," he said.
"But I do understand why though that countries feel the need to propose ideas to enhance their cooperation - it is the 2nd time this year that it has happened," Donohoe added, a reference to France's move for a small group of states to move ahead on CMU in the Spring of this year. (See MNI INTERVIEW: Draghi EU Funds Call To Prompt Pushback)