COMMUNICATION FROM THE COMMISSION Capital Markets Union: progress on building a single market for capital for a strong Economic and Monetary Union
1. In September 2015, the European Commission published its Action Plan for a Capital Markets Union (CMU). This set out a programme of 33 measures to be implemented by 2019 to achieve the CMU project’s primary objectives; to create deeper and more liquid financial markets by better linking savings to investments and providing alternative sources of financing to business. The CMU Mid-Term Review, published by the Commission in June 2017, concluded that 20 of 33 measures had been completed to date, and that progress continued steadily on ongoing objectives.
2. CMU’s most recent update came in November 2018 when the Commission published a communication recapping the arguments for CMU and the achievements made on CMU initiatives. Given the context of the European Parliament (EP) elections in May 2019, the communication also called for the political ambition from the EP and the Council of the European Union (‘the Council’) to ensure outstanding initiatives are completed by the end of the current Commission’s mandate. The communication also noted the need for progress has been made more urgent due to the UK’s withdrawal from the European Union (EU).