First published on
10 October 2019 (last update on: 10 June 2020)

Creation of the High-Level Forum

Building on its goal to finalise the creation of capital markets union (CMU), the Commission on 10 October 2019 launched a call for expression of interest to join a High-Level Forum (HLF) on capital markets union, with a 7 November 2019 submission deadline (see the press release of 10 October 2019).

The HLF will be an expert group composed of highly experienced industry executives and top international experts and scholars to feed into the work on the future CMU policies.

The group shall propose targeted policy recommendations for future CMU actions, to ensure that citizens and businesses can access capital markets across the EU on equal terms and irrespective of their geographical location.

On 18 November 2019 the Commission announced the composition of the High-Level Forum. You can download here the list of members.

Interim report

On 20 February 2020 the High-Level Forum published its interim report. The report, which does not put forward any specific policy proposals yet, sets out a new vision for the future of the capital markets union and will guide the work of the Forum in the coming months.

Final report

On 10 June 2020 the High-Level Forum published its final report.

The report sets out 17 interconnected recommendations aimed at removing the biggest barriers in the EU’s capital markets. According to the report, completion of the capital markets union is particularly important now, as it can speed up the EU’s recovery from the coronavirus pandemic.

The Commission also launched a call for feedback from stakeholders on the report that ended on 30 June.

More information:

Subgroup meetings

Subgroups of the HLF held regular meetings between November 2019 to June 2020.

Please find the date and time of the first meeting of each of the subgroups:

  • the subgroup on Ecosystem for capital raising with special focus on SMEs met on 26 November 2019
  • the subgroup on Retail investor participation and diversification of investor base met on 27 November 2019
  • the subgroup on Pan-European market architecture met on 28 November 2019

The second meeting of the 3 subgroups took place on 10 December 2019.


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Related information

  • Capital markets union

    The capital markets union will create a more integrated capital market in the EU, and a more diversified financial system, unlocking capital in Europe.