Objectives of the session
This session will discuss the main objectives of the Capital Markets Union (CMU) going forward and the challenges that remain to be addressed, given the progress that has been made so far. It will also assess whether the current CMU action plan should be maintained or whether it needs amending or changing more radically (e.g. refocusing the initiative on some key objectives or redesigning it with a different perspective). The importance of further supervisory cooperation and convergence at the EU level for supporting the CMU and how this may be achieved will also be discussed.
Points of discussion
What are the main achievements of the CMU initiative so far? What are the main challenges the CMU is facing at present and going forward?
How should the incoming Commission approach the future steps of the CMU initiative? Do the objectives of the CMU and the related action plan need reviewing and if so, in what way and to what extent? How may Brexit affect the CMU initiative, given the latest developments?
How important is stronger supervisory cooperation and convergence at the EU level for the CMU project? What are the main areas where improvement may be needed? Are significant changes necessary in the functioning of the ESAs, and ESMA, in particular to support the implementation of the CMU?