Commission reports on progress achieved ahead of European Council
The Commission took stock of the progress achieved in building a Single Market for capital, including as regards sustainable finance, and called on EU leaders to keep up the political engagement to lay down the foundation of the Capital Markets Union.
The Capital Markets Union aims to make it easier for EU companies to get the finance they need to grow. By breaking down barriers for cross-border investments in the EU, the Capital Markets Union is an important Single Market project. It is part of the Juncker Commission's ambition to sustain growth in Europe, invest in innovation and promote the EU's global competitiveness. At the same time, the Capital Markets Union aims to direct investment to environmentally friendly projects, thereby contributing to the EU's sustainable and carbon-neutral agenda. A strong Capital Markets Union is also necessary to complement the Banking Union and to strengthen the Economic and Monetary Union and the international role of the euro.
Following the last progress report in November 2018 and the call by EU leaders for ambitious progress by spring 2019 on the Capital Markets Union, today's Communication takes stocks of substantial achievements with political compromises reached on several Commission's proposals, as well as important non-legislative actions.
The Commission has delivered all the measures it has committed to in the CMU action plan of September 2015 and in the mid-term review of June 2017, contributing to laying key building blocks of the CMU. These include important proposals for the creation of new opportunities across the Single Market for businesses and investors through new EU-wide products and services, simpler, clearer and more proportionate rules, as well as a more efficient supervision of the financial industry.
- On 10 out of 13 legislative Capital Markets Union proposals tabled by the Commission agreements have been reached with 3 already finally adopted.
- In addition, on 2 out of 3 Commission proposals on sustainable finance agreements have been reached.
With the building blocks as a basis, further progress in the future will allow to complete a successful Capital Markets Union in the EU. Future action will also need to reflect the impact on capital markets of the United Kingdom's departure from the EU and other short or medium-term economic and societal challenges. These include fundamental rapid changes arising from the decarbonisation of the economy and the changing climate, and technological developments.
15 March 2019