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Capital Markets Union


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)

Eurofi Views Magazine chapters

Capital Markets Union: state of play and future priorities - February 2024 new

John Berrigan - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission | Verena Ross - European Securities and Markets Authority (ESMA | Bertrand Dumont - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France | Markus Ferber - European Parliament | Bjorn Storim - The Bank of New York Mellon SA/NV | Niels Brab - Deutsche Börse Group | Sylvia Andriessen - Euronext | Fabrice Demarigny - Mazars

Capital markets growth: impact from CMU - September 2023

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

Rodrigo Buenaventura - Spanish Securities and Exchange Commission

Behind every challenge lies an opportunity: how the financial sector can support EU competitiveness in difficult times - April 2023

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

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