EC pursues CMU progress update

The EC has issued a public consultation on the growth of the Capital Markets Union project ahead of a mid-term review.

The European Commission (EC) is seeking feedback on the progress of the Capital Markets Union (CMU) project through a public consultation ahead of a mid-term review.

As part of the consultation, stakeholders will be able to provide targeted input to complement and advance actions and initiatives already outlined in the CMU action plan.

The CMU action plan was proposed almost 12 months ago and prioritised increased investor opportunities, a single market for all 28 member states and more resilience and competition within the financial system. 

In addition, a meeting of the European Council on 28 June 2016 prioritised a standardised securitisations package to free up capacity on banks’ balance sheets which could provide an additional €100 billion of funding to the European economy. 

Last September the EC called for accelerated reform in the implementation of the first wave of CMU initiatives to “have an effect on the ground.”

“We have built good momentum behind the CMU project and we are well on our way to completing the first wave of measures,” said Valdis Dombrovskis, vice president at the EC.

“Now, we want to move faster and be more ambitious. This mid-term review consultation will help shape the next phase of our work to build a single market for capital in Europe,” said Dombrovskis.

Respondents are invited to respond to the consultation by 17 March with the EC planning to present a mid-term review of the CMU action plan in June.