In 2015, as part of the Investment Plan for Europe, the Commission started work on the Capital Markets Union (CMU), a major EU initiative to lay the building blocks of an integrated capital market in the EU by 2019.
The CMU is expected to give individual and corporate investors access to a wider variety of investment opportunities. It should also benefit businesses in search of funding, expanding the options available to them and reducing their exposure to the vulnerabilities of the banking system. By complementing banks and spreading financial risks across the EU as a whole, the establishment of the CMU should result in a more stable financial system that is better equipped to boost growth and create employment.
The European Court of Auditors has recently launched an audit of the effectiveness of the Commission’s action so far to build the CMU.