COMMUNICATION FROM THE COMMISSION Capital Markets Union: time for renewed efforts to deliver for investment, growth and a stronger role of the euro
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. CMU’s most recent update was in March 2018, where the Commission published a Communication calling for the accelerated adoption of pending key CMU reforms, complemented by Action Plans on FinTech and Sustainable Finance. These documents set out further proposals on sustainable finance, modernisation of asset management legislation, covered bonds, crowdfunding, and FinTech.