Capital Markets Union: mid-term review (Communication)

EESC opinion: Capital Markets Union: mid-term review (Communication)

Key points:


  • is strongly in favour of the CMU union and is ambitious regarding its implementation. The CMU, together with the banking union, should ensure a financial union, and its implementation should therefore contribute to ensuring the establishment of the EMU;
  • finds it absolutely necessary that the CMU becomes a reality in all EU Member States;
  • calls for the political will at European level and in the Member States to make all necessary efforts and to establish all of the relevant conditions required;
  • is strongly in favour of establishing a system to regularly assess the progress with and implementation of the CMU in the Member States, using both qualitative and quantitative measures, with the results of this to be made publicly available;
  • welcomes the current rapid mid-term review and recommends that such exercises should in future take place on a regular basis;
  • believes that further steps in building the CMU should focus on action and measures that achieve the greatest convergence;
  • believes it is important to ensure that the foundations of an irrevocable and irreversible CMU are laid down as quickly as possible;
  • calls for attention to be given to the financing of SMEs, for which bank financing remains an extremely important issue;
  • welcomes the focus on the strengthening of sustainable investments;
  • is pleased that supervision will be a key part of efforts to develop the CMU.

Related links:

European Commission

Mid-Term Review of the Capital Markets Union Action plan (European Commission Communication, 2017)

Completing the Capital Markets Union: Building on the first round of achievements (European Commission, press release, 2017)

Questions and Answers on the Mid-Term Review of the Capital Markets Union Action Plan (European Commission, fact sheet, 2017)

Think tanks

How close are we to a Capital Markets Union? (European Capital Markets Institute (ECMI) Commentary, 2017)

The EU’s Capital Markets Union: Unlocking investment through gradual integration (Atlantic Council, 2016)

Towards the Right Policy Mix for a Thriving European Capital Market (CEPS, 2016)

Europe’s Untapped Capital Market: Rethinking financial integration after the crisis (European Capital Markets Institute (ECMI), 2016)

Which Union for Europe’s Capital Markets? (European Capital Markets Institute (ECMI), 2015)