Capital markets union: Council sets objectives for the deepening of the project
CMU is an EU initiative which aims to deepen and further integrate the capital markets of EU member states. Together with the banking union, the CMU can help boost cross-border capital flows and thereby strengthen the EU economy.
The EU is close to having completed its original action plan from 2015. Almost all the legislative reforms that were set out have been adopted. They have contributed to enhancing both the EU's financing capacity and its financial stability. Nevertheless, regulatory and other barriers still hamper smooth movement of capital and access to financial products and services in the financial sector. That is why the Council considers it essential to continue and further deepen the CMU project.
The conclusions set out 5 main objectives for deepening the CMU, namely:
- enhanced access to finance for EU businesses, especially SMEs,
- removal of structural and legal barriers for increased cross border capital flows,
- provide incentive and remove obstacles for well-informed retail savers to invest,
- support the transition to sustainable economies,
- embrace technological progress and digitalization,
- strengthen global competitiveness.
Based on these overarching principles, the conclusions invite the Commission to assess and explore a list of possible further detailed measures and actions that could help to establish these objectives in practice.
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