FRANKFURT, Jan 3 (Reuters) – Germany’s conservative Christian Social Union (CSU), sister party to Friedrich Merz’s CDU, on Saturday said it will help push ahead with the Chancellor’s call for a single European stock exchange to support European listings and economic growth.
“We support the strengthening of European capital markets and a European bourse in order to keep successful German companies in the country,” said a draft internal CSU paper, that was obtained by Reuters.
“We intend to take on a clear leadership role in this process and ensure that the headquarters of a European bourse are located in the European Union’s biggest economy, Germany,” said the paper.
It was issued ahead of three-day party meetings starting on Tuesday in the Bavarian town of Seeon.
Merz first presented the plan in October saying it would strengthen Europe as a business location.
Among backers of a unified market for capital inside the EU are European Central Bank President Christine Lagarde, German finance minister Lars Klingbeil and Bundesbank president Joachim Nagel.
Fragmented markets with different exchanges under different rule-books and supervision set the EU at a disadvantage vis-a-vis the United States with its powerful New York Stock Exchange, say backers of the plan.
European exchanges say that initial public offerings in Europe are held back by reduced local liquidity pools.
(Reporting by Joern Poltz, writing by Vera Eckert, editing by Kirsten Donovan)