IMF-欧元区：关于资本市场联盟对监管和制度安排的影响的金融部门评估计划文件技术说明的发布（英）

© 2025 International Monetary Fund IMF Country Report No. 25/214 EURO AREA PUBLICATION OF FINANCIAL SECTOR ASSESSMENT PROGRAM DOCUMENTATION—TECHNICAL NOTE ON CAPITAL MARKETS UNION—IMPLICATIONS FOR SUPERVISION AND INSTITUTIONAL ARRANGEMENTS This paper on Capital Markets Union – Implications for Supervision and Institutional Arrangements was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on July 2, 2025. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org International Monetary Fund Washington, D.C. July 2025 EURO AREA FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE CAPITAL MARKETS UNION – IMPLICATIONS FOR SUPERVISION AND INSTITUTIONAL ARRANGEMENTS Prepared By Monetary and Capital Markets Department This Technical Note was prepared by IMF staff in the context of the Financial Sector Assessment Program (FSAP) in the euro area. It contains the technical analysis and detailed information underpinning the FSAP findings and recommendations. Further information on the FSAP can be found at http://www.imf.org/external/np/fsap/fssa.aspx July 2, 2025 EURO AREA 2 INTERNATIONAL MONETARY FUND CONTENTS Glossary __________________________________________________________________________________________ 3 EXECUTIVE SUMMARY __________________________________________________________________________ 4 INTRODUCTION _________________________________________________________________________________ 9 THE CMU INITIATIVE AND ITS CONTEXT _____________________________________________________ 10 A. EU and EA Capital Markets ____________________________________________________________________ 10 B. The Institutional Framework for Regulation and Supervision __________________________________ 10 C. The CMU Initiative and Its Predecessors ______________________________________________________ 15 D. CMU and Risks to Financial Stability __________________________________________________________ 18 THE SUPERVISORY BASELINE FOR CMU ______________________________________________________ 19 A. Current Supervisory Arrangements ___________________________________________________________ 19 B. ESMA’s Direct Supervision ____________________________________________________________________ 21 C. Central Counterparties (CCPs)_________________________________________________________________ 24 D. Supervisory Convergence _____________________________________________________________________ 25 CONCLUSIONS: MANAGING RISK UNDER AN ENHANCED CMU ____________________________ 26 A. Firm Foundations for CMU ____________________________________________________________________ 26 B. Preparing for An Enlarged ESMA Mandate ____________________________________________________ 27 FIGURE 1. ESMA’s D