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28 November 2018

Communication from the European Commission on CMU: Time for renewed efforts to deliver for investment, growth and a stronger role of €

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In this Communication the Commission recalls the key capital market union building blocks delivered since 2015 and calls for renewed efforts to complete CMU before the May 2019 European Parliament elections.

The Capital Markets Union is essential to make the economy of the Member States and the Economic and Monetary Union more resilient and to foster convergence, to safeguard financial stability and to strengthen the international role of the euro. The Commission calls on the co-legislators to act now, before the European Parliament elections in 2019, to put in place all the necessary key building blocks for a complete Capital Markets Union. 

The European Council is invited to renew its commitment to the Capital Markets Union and endorse these efforts, which are essential not only for the Economic and Monetary Union and the Banking Union, but also for the Single Market.

Alongside the legislative reform agenda, the Commission is also committed to delivering the remaining non-legislative actions announced in the Mid-term review of the Capital Markets Union. These actions provide key contributions towards deep and liquid capital markets by addressing important areas such as the distribution of retail investment products, institutional investment, corporate finance for entrepreneurs and start-ups and a better use of financial technologies.

The Commission will also continue engaging with Union citizens, social partners and businesses on the importance of the Capital Markets Union through relevant communication activities.

Reforming the capital markets cannot be achieved by the Commission alone. All stakeholders at the national and Union level must also step up their commitment and do their part. The Commission will continue to support these efforts.

Full communication

© European Commission

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