This paper asks what Capital Markets Union (CMU) means for the future of financial market regulation in the European Union and suggests an answer: the merging of public and private regulation. In the pre-crisis period, public regulation and private regulation of financial markets were separate spheres, with light-touch public regulation sitting alongside private market ordering. In response to crisis, there has been a period of command regulation, which is now moderating in favour of regulatory ‘recalibration’, not only regarding regulation of capital markets and securities but also of banking. CMU and its close cousin, the European Fund for Strategic Development, do have specific content but, more broadly and more significantly, they announce a post-crisis, post-command regulation phase. The EU is signalling willingness to review and fine-tune public regulation and to work more closely than hitherto with private regulators. Such partnership, exemplified by CMU, has the potential to impact the governance of the EU generally as well as that of the financial markets.

中文翻译：

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资本同居：欧盟资本市场联盟作为公共和私人的共同监管

本文询问资本市场联盟 (CMU) 对欧盟金融市场监管的未来意味着什么，并提出了一个答案：公共和私人监管的合并。在危机前时期，金融市场的公共监管和私人监管是不同的领域，宽松的公共监管与私人市场秩序并驾齐驱。为应对危机，出现了一段时间的指令性监管，现在正在缓和，有利于监管“重新校准”，不仅涉及资本市场和证券的监管，还涉及银行业。CMU 及其近亲欧洲战略发展基金确实有具体的内容，但更广泛和更重要的是，它们宣布了危机后、指挥后监管阶段。欧盟表示愿意审查和微调公共监管，并与私人监管机构开展比以往更密切的合作。以 CMU 为例的这种伙伴关系有可能影响欧盟的整体治理以及金融市场的治理。