Capital Markets Union - Eurofi

Context

The Commission published in September 2020 a new action plan for completing the Capital Markets Union (CMU), a key initiative launched in 2015 aiming to develop and further integrate capital markets in the EU in order to diversify the funding of EU enterprises and provide investors with better investment opportunities. These objectives are all the more relevant with the increased funding needed for supporting the post-Covid recovery, the EU Green Deal and digital transformation, which cannot be provided solely through public funds and need mobilising significant private investments.

The new CMU action plan completes two previous action plans, which were adopted in 2015 and 2017 and have been mostly implemented and builds on the recommendations of the CMU High Level Forum, a public / private working group put in place by the Commission at the end of 2019 to make proposals for relaunching the CMU.

The December 2020 ECOFIN welcomed the proposals of the new CMU action plan and put a priority on the actions concerning the access to capital of SMEs, the development of retail investment and certain measures likely to encourage the cross-border integration of capital markets (post-trading and supervisory convergence).

Contributions to the policy debate

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Key Eurofi
documents

Eurofi policy notes

New CMU action plan: objectives, challenges and main proposals - April 2021 new

CMU 2.0: proposals of the High Level Forum - September 2020

CMU 2.0: what is needed, by whom and when? - April 2020

Are the powers of ESMA sufficient for CMU? - April 2020

CMU and Banking Union : complementary or antagonistic ? - April 2019

Session summaries

CMU action plan: priorities and delivery mechanisms - Lisbon Virtual Seminar Lisbon virtual event - April 2021 new

CMU: is the High-Level Forum report the right way forward and what are the next steps? - Berlin Financial Forum - September 2020

What more needs be done to strengthen equity funding in the EU? - Berlin Financial Forum - September 2020

How to develop retail investment in the capital markets in the EU - Berlin Financial Forum - September 2020

How to maximize the role of investment funds in the post Covid recovery? - Berlin Financial Forum - September 2020

Refocusing CMU: key policy priorities - Helsinki Financial Forum - September 2019

CMU way forward: IMF proposal for a new action plan - Helsinki Financial Forum - September 2019

CMU and Banking Union : complementary or antagonistic ? - Bucharest High Level Seminar - April 2019

Public and private
sector views

Public authority views

R. Buenaventura - Spanish Securities and Exchange Commission (CNMV) - Towards CMU: how to incorporate safely a more retail-oriented market - April 2021 new

M. Ferber - Committee on Economic and Monetary Affairs, European Parliament - Capital Markets Union: fewer action plans, more action! - April 2021 new

J. Nuno Mendes - Ministry of Finance, Portugal - Capital Markets Union: supporting recovery and the green and digital transitions - April 2021 new

R. Šadžius - European Court of Auditors (ECA) - A way forward for EU capital markets – the auditors’ view - April 2021 new

L. van Geest - Dutch Authority for the Financial Markets (AFM) - Working towards high quality supervisory outcomes across the EU - April 2021 new

J. Berrigan - European Commission - Getting Europe’s money to where it can do the most good financing the economy - September 2020

J. Kukies - Federal Ministry of Finance, Germany - Using the momentum: our work on strengthening the CMU to support the recovery - September 2020

S. Maijoor - European Securities and Markets Authority (ESMA) - The priority areas for deepening the CMU - September 2020

R. Ophèle - Autorité des Marchés Financiers (AMF) - CMU: a key opportunity for the EU to recover and compete - September 2020

C. San Basilio - Ministry of Economy and Business, Spain - The CMU is key to Europe’s recovery - September 2020

Industry views

T. Book - Deutsche Börse Group - The EU as a key player in financial markets – not the playing field - April 2021 new

B. Spalt - Erste Group Bank AG - Capital markets and the pandemic: the new CMU action plan in light of the post-Covid recovery - April 2021 new

S. Leithner - Deutsche Börse Group - A rolling stone gathers no moss: Capital Markets Union now! - September 2020

B. Sibbern - Nasdaq - Capital Markets Union - keep it simple - September 2020

B. Spalt - Erste Group Bank AG - Strengthening Capital Markets as a prerequisite for the EU’s economic recovery - September 2020

C. Staub - Fidelity International - Resilience, purpose and the Capital Markets Union - September 2020

L. van Houwelingen - The Bank of New York Mellon SA/NV - Capital Markets Union - The need for a strategy for retail investors - September 2020

Reference documents

EU Commission: A Capital Markets Union for people and businesses-new action plan - September 2020

Capital Markets Union: Final Report of the High Level Forum - June 2020

European Parliament: Draft motion - June 2020

EU Commission: A new Vision for Europe’s capital markets - February 2020

Council Conclusions on the Deepening of the Capital Markets Union - December 2019

EU Commission: on the Mid-Term Review of the Capital Markets Union Action Plan - June 2017

EU Commission: Action Plan on Building a Capital Markets Union - September 2015