Capital Markets Union: Ten Years Later

The European Union’s project of capital markets union (CMU) has disappointed in its first decade. The best way to revitalise it is to focus on supervisory integration through in-depth reform and further empowerment of the European Securities and Markets Authority. If, conversely, more integrated supervision cannot be achieved, then it may be time to discard the CMU slogan altogether. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.