Capital Markets Union
Capital Markets Union
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
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 implementation - Ljubljana Financial Forum - September 2021
CMU action plan: priorities and delivery mechanisms - Lisbon Virtual Seminar - April 2021
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
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