However, markets will work only if issuers follow the basic principle of providing clear, straightforward, pertinent information about the security that they are selling. Further, this information needs to be provided in a way that is understandable to the reasonably informed investor. Put another way, the prospectus or term sheet should inform, not obfuscate.
In November 2014, we took a major step by establishing a single European mechanism for banking supervision; now, we should consider taking another key step by forming a European capital markets union – one that not only includes the euro area but extends to the entire European Union.