May 18, 2017 / 2:58 PM / 6 months ago

EU to unveil capital markets union 2.0 in June

LONDON, May 18 (Reuters) - The European Commission will announce new initiatives to re-configure its capital markets union project on June 7 to reflect Britain’s decision to leave the bloc, a senior commission official said on Thursday.

Confirming a Reuters story on Wednesday, Ugo Bassi, a director in the European Union executive’s financial services unit, said the CMU needed reassessing due to Brexit.

“We are preparing now 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 told a conference organised by the Association for Financial Markets in Europe.

“We can no longer count on liquidity pools in London.” (Reporting by Huw Jones, editing by David Evans)

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