Integrated capital markets expand financial choices of savers and investors, supporting capital formation and macroeconomic resilience.

Therefore, a Capital Markets Union (CMU), alongside the banking union, is an important element of the economic architecture for Europe. Poul Thomsen, the Director of the IMF’s European Department, will weigh the macroeconomic benefits from a CMU, identify obstacles in its path, and suggest targeted policy actions. He will also place CMU in the broader context of the European integration project. Mr Thomsen will be in conversation with Professor Charles Goodhart, before finally taking questions from the audience.

Speech transcript  Video Photos


Poul Thomsen is Director of the European Department of IMF, supervising the Fund’s bilateral surveillance work for the 44 countries in the Department, its policy dialogue with EU institutions, including the ECB, and its program discussions with European countries with Fund supported programs. As Director, Mr. Thomsen also has the responsibility for the Fund’s outreach activities in Europe and its interactions with European senior officials. 

Charles Goodhart, CBE, FBA is Emeritus Professor of Banking and Finance with the Financial Markets Group at the LSE, having previously been its Deputy Director between 1987-2005. From 1985 until retirement in 2002, he was the Norman Sosnow Professor of Banking and Finance at LSE. 

Dimitri Vayanos is Professor of Finance at London School of Economics, where he also directs the Financial Markets Group Research Centre.


The Financial Markets Group Research Centre (@FMG_LSE) was established in 1987 at the LSE. The FMG is a leading centre in Europe for policy research into financial markets. 

Twitter Hashtag for this event: #LSECMU