Share on Facebook Share on Twitter Share on Google+ The Netherlands is joining forces with France and Germany to complete the European capital market union. According to the minister, this is necessary, among other things, to make the euro zone more stable. The capital market union is also important for the financing of SMEs. This is apparent from a letter that was sent to the House of Representatives. In it, Finance Minister Hoekstra writes that, together with his German and French counterpart, he will ask experts from the financial sector to make recommendations in order to complete the capital market union. There must be a report by the end of September. The European Commission came up with a plan for a capital market union in 2015. This means that the various rules in financial products must be aligned. It is then easier for savers and investors to invest across borders. And it must be easier for companies to raise capital. Since 2015, a European emergency fund has been established. There has also been European supervision of banks and a resolution mechanism so that banks that run into problems can fall without dragging the entire financial system. But the capital market union is not yet finished. For example, there is still no European deposit guarantee system, with which savings up to a certain amount are guaranteed to be safe if the bank collapses. Southern European banks also still have large amounts of bad loans on the balance sheet.