The capital markets union (CMU) is a plan to create a single market for capital. It aims at getting money – investments and savings – flowing across the EU so that it can benefit consumers, investors and companies, regardless of where they are located.

A Capital Markets Union will

  • provide businesses with a greater choice of funding at lower costs and provide SMEs in particular the finance they need;
  • support the economic recovery post-Covid-19 and create jobs;
  • offer new opportunities for savers and investors;
  • help Europe deliver its New Green Deal and Digital Agenda;
  • reinforce the European competitiveness and financial sovereignty;
  • make the financial system more resilient and adaptable to the departure of the UK from the EU.

The steps towards a CMU taken so far

Efforts to put in place a true single market for capital started with the Treaty of Rome more than fifty years ago and intensified with the free movement of capital, a freedom enshrined in the Maastricht Treaty 1992 and the Financial Service Action Plan in 1999, but this objective has not yet been achieved.

The CMU initiative was launched by the Juncker Commission, which adopted the first CMU action plan in September 2015. It sets out a list of over 30 actions to establish the building blocks of an integrated capital market in the EU by 2019.

  • April 2016

    The Commission took stock of the progress made in the first six months of implementation of the CMU action plan in its first status report.

  • June 2017

    The Commission mid-term review updated and complemented the CMU action plan by strengthening existing actions and introducing new measures in response to evolving priorities and challenges. These measures were largely completed in September 2019.

  • 2019

    The Commission published a progress report showing that the Commission has tabled all the legislative proposals it committed to in the CMU action plan and mid-term review.

    Working towards a capital markets union remains a top priority of the Von Der Leyen Commission and is part of Executive Vice President Valdis Dombrovskis’ mandate for an economy that works for people.

  • Currently and onwards

    The Commission is preparing a new action plan on the CMU, scheduled to be published in the early fall of 2020.

To feed into its work on the future CMU policies, the Commission in November 2019 brought together 28 highly experienced industry executives and top international experts and scholars in the High Level Forum on CMU. The Forum published in June 2020 its final report with 17 recommendations to the Commission on the way forward to completing CMU.


  • 10 October 2019Financial Stability, Financial Services and Capital Markets Union

    High-Level Forum on capital markets union

    In October 2019 the Commission started setting up a High-Level Forum to help shape its future capital markets union programme.
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