The time is now

Author: Jimmie Franklin | Published: 8 Aug 2019

The European Commission's plan to build a single, EU-wide capital market – the Capital Markets Union (CMU) – was already arguably its most ambitious proposal when it was first suggested in those heady, naïve days of 2014.

But two years later, when Europe's biggest capital market by a square mile voted to exit the union, the project got that much more challenging. In short, Tatyana Panova, head of the European Commission's CMU unit, has her work cut out for her.

A few years down the line, progress has been made. There is now a fully-operational Securitisation Regulation complete with labels for premium products, a number of different proposals on sustainable finance, and various broader measures to improve the overall functioning of the European market in the works.

But for some, it's not enough. The same old criticisms of previous decades are still levelled at the European project: there are still too many...