The European Commission plans to better connect Europe's businesses with investors through a Capital Markets Union have today been broadly welcomed by Michael Schneider, President of the EPP Group in the Committee of the Regions.

"Owners of companies in our regions and cities have repeatedly told us that since the crisis, they do not have access to the necessary financial support to grow. Europe's banking system is very important to local communities and it must remain at the heart of financial markets, but we welcome efforts to unlock complementary support for businesses and especially start-ups and SMEs."

Whilst acknowledging the Green Paper's aim to make a significant contribution towards a fully functioning single market and a stimulus for sustainable growth, President Schneider called for better access to information and continued structural reforms:

"We must remember that there is no quick-fire solution to our problems. If we want to have a long term impact and create real investment opportunities, access to capital must be accompanied by structural reforms on the ground."