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CMU: what has happened and what can be done in this European political cycle?

Day 2 Morning

Thursday 08 September

Room :



David Wright
President - EUROFI
Public Authorities
Mark Branson
President - Federal Financial Supervisory Authority, Germany (BaFin)
Paulina Dejmek-Hack
Director for General Affairs - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Verena Ross
Chair - European Securities and Markets Authority (ESMA)
Industry Representatives
Fabrizio Campelli
Member of the Management Board – Corporate Bank and Investment Bank - Deutsche Bank Group
Lisa Donnelly
Chief Administrative Officer, EMEA - Goldman Sachs International
Bjørn Sibbern
President European Markets - Nasdaq
Bjorn Storim
Chief Executive Officer - BNY Mellon SA/NV

Objectives of the session

This session will first discuss how the Capital Markets Union is progressing both in terms of changes happening in the EU capital markets and of implementation of new regulations and whether the project is on track.

The panel will also debate the key policy priorities that need to be considered in the current legislature and for the longer term for significantly developing and integrating EU capital markets, whether these are appropriately reflected in the CMU action plan and what are their conditions of success.

Points of discussion

  1. Progress made with the CMU initiative: How have European capital markets developed 7 years after the launch of CMU and 18 months after Brexit in terms of share of market financing in the EU, competitiveness and integration? Has significant progress been made in the European capital markets framework since the launch of CMU and what are the expected effects? How are changes in the macro-economic environment and geopolitical tensions expected to impact European capital markets?
  2. Priorities in the CMU package: Are the key CMU proposals on the negotiating table? What priorities should be pursued by the end of the current legislature? Will the Commission’s’ CMU action plan measures materially develop retail and SME markets? How could CMU be further accelerated?
  3. Future stages of the CMU: What are the key issues to address for the future stages of the CMU and are they appropriately reflected in the current action plan? Will the CMU measures proposed support adequately key strategic objectives of the EU such as the green and digital transition and the EU open strategic autonomy agenda going forward? Is sufficient emphasis put in the CMU project on the objective of making EU capital markets more competitive at the global level in order to retain EU savings and attract external investments?