Capital Markets Union
Capital Markets Union
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.
Eurofi documents
Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)
Panel discussion summaries
Capital markets growth: impact from CMU - Santiago de Compostela Financial Forum - September 2023 new
CMU: short and longer term priorities - Stockholm High Level Seminar - April 2023
EU capital market competitiveness and integration - Stockholm High Level Seminar - April 2023
CMU: state of play and way forward - Paris High Level Seminar - February 2022
How can banks contribute more to the CMU? - Paris High Level Seminar - February 2022
CMU action plan implementation - Ljubljana Financial Forum - September 2021
CMU action plan: priorities and delivery mechanisms - Lisbon Virtual Seminar - April 2021
Eurofi Views Magazine chapters
Capital markets growth: impact from CMU - September 2023 new
Verena Ross - European Securities and Markets Authority (ESMA) | Marie-Anne Barbat-Layani - Autorité des Marchés Financiers (AMF) | Jos Dijsselholf - SIX Group | Tarek Tranberg - Optiver | Simon Janin - Amundi
CMU is way too important to leave it just to financial regulation - September 2023 new
Rodrigo Buenaventura - Spanish Securities and Exchange Commission
Mairead McGuinness - European Commission
CMU: what can be achieved by Q1 2024? - April 2023
Rodrigo Buenaventura - Spanish Securities and Exchange Commission (CNMV) | Carmine Di Noia - Organisation for Economic Co-operation and Development (OECD) | Benoît de Juvigny - Autorité des Marchés Financiers (AMF) | Stéphanie Yon-Courtin - European Parliament | Christian Carto - CaixaBank | Christian Staub - Fidelity International | Gelsomina Viglioti - European Investment Bank (EIB)
CMU: what can be done in this political cycle? - September 2022
Verena Ross - European Securities and Markets Authority | Kristine braden - Citi | Bjørn Sibbern - Nasdaq | Björn Storim - BNY Mellon SA/NV | Fabrizio Campelli - Deutsche Bank Group
CMU way forward - February 2022
Ugo Bassi - European Commission | Aleš Králík - Ministry of Finance, Czech Republic | Harald Waiglein - Federal Ministry of Finance, Austria | Robert Ophèle - Autorité des Marchés Financiers | Lieve Mostrey - Euroclear S.A. | Christian Staub - Fidelity International | Bjørn Sibbern - Nasdaq
Bank contribution to the CMU - February 2022
Denis Beau - Banque de France | Carlos Cuerpo Caballero - Ministry of Economy and Digitalization, Spain | Rolf Strauch - European Stability Mechanism | Bernhard Spalt - Erste Group Bank AG | Steve Gandy - Santander UK Corporate & Investment Banking
V. Ross - Chair - European Securities and Markets Authority
Spotlight on EU financial policy developments: Capital Markets Union and Basel III - February 2022
M. McGuinness - Commissioner for Financial Services, Financial Stability and Capital Markets Union, European Commission
CMU action plan implementation - September 2021
Sébastien Raspiller - Ministry of the Economy, Finance and the Recovery Plan, France - Direction Générale du Trésor | Sebastian Thomasius - Permanent Representation of the Federal Republic of Germany to the EU | Stéphane Boujnah - Euronext | Francesco Ceccato - Barclays Europe | Christian Staub - Fidelity International
New CMU action plan - April 2021
Rodrigo Buenaventura - Spanish Securities and Exchange Commission | João Nuno Mendes - Ministry of Finance, Portugal | Laura Van Geest - Dutch Authority for the Financial Markets | Thomas Book - Deutsche Börse Group | Bernard Spalt - Erste Group Bank AG | Rimantas Šadžius - European Court of Auditor | Markus Ferber - European Parliament