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Capital Markets Union


The Capital Markets Union (CMU) is a key initiative launched in 2015 by the European Commission 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. The CMU is a cornerstone of the EU post-Covid recovery and of the EU green and digital transformation agendas. Although the two first CMU action plans published in 2015 and 2017 have been fully implemented, the general feeling is that much remains to be done to achieve the CMU and that the CMU is a long term project potentially requiring several further iterations.

The Commission published in September 2020 a new action plan for relaunching the CMU, putting a stronger focus on SME financing, retail investment and on EU market integration in particular. In November 2021 a first set of legislative proposals was put forward including the setting up of a single access point to company information (ESAP) and a review of three key capital market legislations: AIFMD, ELTIF and MiFIR. Further actions planned include a review of the Listing Act, targeted harmonisations of the corporate insolvency framework, an open finance framework and initiatives to develop financial literacy.

Contributions to the policy debate

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

Public and private
sector views

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

ESMA Chair’s perspective: Opportunities and challenges for strengthening capital markets in the EU - February 2022

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