​José Manuel García-Margallo meets with European Commissioner for Financial Stability, Financial Services and Capital Markets Union

During the meeting they tackled the European Commission's plans to boost economic growth and employment, the main objective of both the Commission and Spain, declared Minister García-Margallo.

The latest economic data from the European Commission confirm European recovery, and Spain is noteworthy among those countries with the greatest growth, pointed out the minister. José Manuel García-Margallo explained how the recovery in confidence of the international markets and the improvement in competitiveness are reflected in the dynamic nature of the export sector. These figures, together with the recovery of internal demand, are encouraging the Spanish Government to continue working to boost economic growth and employment.

José Manuel García-Margallo conveyed Spain's commitment to continue strengthening the Economic and Monetary Union in each of its pillars: banking union, fiscal union, economic union and democratic legitimacy to Commissioner Hill.

In order to achieve this objective, the two officials discussed the creation of the Capital Markets Union as one of the main measures proposed by the Commission.

The Capital Markets Union of the 28 Member States seeks to ensure the free movement of capital. Its establishment will allow sources of financing to be increased and diversified, in other words, reduce the financial cost, particularly for SMEs and make markets more effective and efficient.

In September 2015, the European Commission intends to develop an action plan to set up a Capital Markets Union by 2019. Minister García-Margallo expressed his support for this initiative.