Capital Markets Union: High-Level Forum interim report paves the way forward
Today, the High-Level Forum on Capital Markets Union has published an interim report on the way forward for the Capital Markets Union (CMU). The Commission asked a group of 28 high-level capital markets experts from across the EU to review the progress that has been made since the Capital Markets Union (CMU) Action Plan was first launched in 2015. They were also tasked with proposing new targeted actions to further advance the CMU. Today’s report addresses the effects of the measures taken so far, the remaining obstacles in completing the CMU, and the ways to overcome them. The High-Level Forum calls for strong and immediate political support and coordination among all EU institutions to push forward bold reforms so that the CMU can deliver on its promises. The interim report will feed into the Group’s recommendations that will form part of its final report in May 2020. This work will be an important input into the Commission’s own reflections when developing its next Action Plan on the Capital Market Union later this year. Valdis Dombrovskis, Executive Vice-President of the Commission, also in charge of Financial Stability, Financial Services and Capital Markets Union said: “We remain committed to advancing the Capital Markets Union agenda. We need to diversify funding sources for European companies and increase investment opportunities for European citizens. Well-developed and integrated capital markets are key to address the challenges posed by climate change, technological developments, and demographic changes. I am very pleased with the work of the High-Level Expert Group under the leadership of Thomas Wieser. I now look forward to the Group presenting its recommendations.” The full report and details on the CMU are available here.