EU amends capital market rules to support recovery

The European Commission on Friday adopted a set of amendments to capital market rules, making it easier for European businesses to fund themselves and recover from the coronavirus crisis, reported Xinhua.

As part of the European Union's overall recovery strategy, the Capital Markets Recovery Package consists of targeted changes to capital market rules that will encourage greater investments, allow for rapid re-capitalization of companies and increase banks' capacity to finance the recovery, according to a statement from the Commission.

"Capital markets are vital to the recovery, because public financing alone will not be enough to get our economies back on track," said Valdis Dombrovskis, the Commission's executive vice president.

Dombrovskis added that the Commission will present a wider Capital Markets Union Action Plan in September.

The Commission already adopted a banking package on April 28 to make it easier for banks to lend money to households and businesses.