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Published on Monday, October 5, 2020

Europe | One step closer to the Capital Markets Union

The European Union has resumed one of its most ambitious projects: the Capital Markets Union. The European Commission's first action plan was announced five years ago (2015), but no real progress in the integration of the European markets has been seen since then, despite the great legislative effort of recent years.

Key points

  • Key points:
  • In the context of the recovery from the COVID-19 economic crisis, now seems to be the ideal moment to relaunch this project, one of the main objectives of which is to favor the financing of all kinds of enterprises, especially small and medium-sized ones.
  • The European Commission's second action plan focuses on three objectives: 1) To support a green, sustainable and resilient economic recovery; 2) To make the European Union an attractive and safer place to save and invest in the long term; and 3) To integrate national capital markets into a single European capital market.
  • A single market will enable to create a more inclusive and resilient economy in the event of new setbacks; help achieve the European Green Pact and the Digital Agenda; strengthen Europe's global competitiveness and autonomy in the world; and offer new opportunities for savings and investment.
  • The European Commission is proposing a schedule from the last quarter of this year to 2023 to achieve the proposed measures. In this case, however, not all responsibility falls on the European Commission — there is also the need for strong political commitment.

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