Capital Markets Union – One Year On From the Action Plan

On 30 September 2015, the European Commission adopted its Action Plan on Building a Capital Markets UnionCommunication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: Action Plan on Building a Capital Markets Union, COM(2015) 468 final of 30 September 2015 (hereinafter, the “CMU Action Plan” or “Action Plan”).. The Action Plan was already accompanied by a set of concrete, legislative proposals. On 14 September 2016, the Commission published a Communication on Accelerating Reform in the Capital Markets Union.Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions: Capital Markets Union – Accelerating Reform, COM(2016) 601 final of 14 September 2016. The Communication was timed to coincide with the State of the Union address, in which the President of the European Commission underlined the continuing high priority of the Capital Markets Union.Juncker, State of the Union 2016, 2016, p. 14; cf. also Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: Commission Work Programme 2017: Delivering a Europe that protects, empowers and defends, COM(2016) 710 final, p. 10. The development of stronger and more integrated capital markets in the European Union is more important than ever in the current political and economic context. The following will provide an overview of the initiatives already set in motion in the first year and beyond and of the initiatives ahead.