Europe’s unfinished business

What is left to do on CMU?

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As the European Commission's new term is about to begin, there is an urgent need to relaunch the CMU to build a more integrated capital market in the EU. AFME's recommendations focus on a few but impactful priorities : improving efficiency and connectivity in securities markets, building a competitive digital single market, unleashing the potential of sustainable finance and expanding the size, capacity and liquidity of EU capital markets.

As the EU gears up for another 5-year political cycle, there is an increasing sense of urgency around the need to deliver the Capital Markets Union (or CMU) project.

Some have recently called for the project to be rebranded. For example, the finance ministries of Germany, France and the Netherlands (known as the Next CMU High-Level Group) have recently called for the project to be renamed the “Savings and Sustainable Investment Union” to make the project more accessible for citizens and companies. But it will take more than a new name to get this epic project over the line. The new ...

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Revue Banque Nº838bis