Yet the CMU is not the culmination of a meticulously-planned and perfectly-executed programme dating back to the 1950s. On the contrary, the history of the European capitaproject (of which the CMU is the latest instalment) is one of change and adaptation. Throughout this history, the role of EU institutions in establishing and facilitating such a market has profoundly increased from a small number of directives to harmonize stock exchange listings, to the large framework of regulations and supervision in place . Indeed, over the years the Commission has learnt that state institutions and capital markets are partners rather than opposites, and that ‘market forces’ require continuous It is no wonder, then, that originators embraced more risk. Exotic loan products became more common, which created a Succession of bright decorations drags tourists in discovery of 5 traditional Christmas markets. Snuggled up in the heart of historic places of old Colmar, they are interconnected by a way of light subtly drawn in the alleys of the city. Intimate and friendly, 5 markets of Colmar receive during 6170 exhibitors. Chalet are harmoniously arranged to allow the tourists to visit markets and profit to the striking historical center. In Colmar they are 5 markets: a market of local product, Jeanne d’Arc place, the internal market of Koïfhus dedicated to the arts and crafts and to the antiques, and the market of Petite Venise, dedicated to the children.. This was an epic market failure, one that blew up the U.S. economy and badly damaged the global economy as well. And though many academic models would have predicted a quick return to market equilibrium, the disastrous combination of housing and financial crises led to a recovery that has been painfully slow. ords, while financial institutions, instruments and practices have dramatically, and financial regulation and supervision in the EU is vastly different from the of the , the capiarket itself has never been off the agenda. Pasay City, Philippines
