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Savings and Investments Union / CMU

Savings and Investments Union / CMU

Context

The Capital Markets Union (CMU) initiative was launched in 2015 with the objective of developing and further integrating capital markets in the EU. These objectives remain highly relevant in a context where it is estimated that bank financing and public investment will not be sufficient to provide the financing needed for the green transition, boosting technological competitiveness and diversifying supply chains.

The measures of the 2015 and 2017 CMU action plans are now in force, but capital markets remain generally under-developed in Europe compared to other developed regions, in terms of size relative to GDP, percentage of securities held by citizens compared to overall financial assets and share of the funding of enterprises. The situation is particularly acute in many Southern and Central Eastern Europe (CEE) countries where capital markets are very limited.

A new set of measures was proposed in September 2020 to relaunch the CMU, covering 4 main areas: the financing of EU businesses, market infrastructure, retail investment and the internal market.

A first set of four legislative proposals was put forward in November 2021 for implementing this action plan, that are in the process of being adopted: the setting up of a Single Access Point (ESAP) to information on EU companies; the enhancement of the ELTIF and AIFMD frameworks; and the review of the MiFIR regulation. A second set of proposals made in December 2022, comprising an EU Listing Act; an initiative on corporate insolvency and proposals to strengthen EU clearing, was completed by a proposal for a Retail Investment Package in May 2023. New rules were also proposed by the Commission in June 2023 to make withholding tax procedures in the EU more efficient and secure.

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