Towards a European Capital Markets Union: An update on revived moves for a single market in savings and investments
The upturning of the geopolitical world order in the aftermath of the pandemic, Russia’s invasion of Ukraine and the rise of Donald Trump has awoken the EU to the need for an economic transformation to avoid getting left behind by the US and China. The realisation that the Capital Markets Union could be a way to mobilise private savings to fund this overhaul has put the initiative at the centre of the EU’s agenda, following a decade of limited progress. As support has coalesced behind the CMU, the European Council in April ordered the Commission to work on proposals for advancing the project. However, the fallout from recent elections throws French leadership of the initiative into question, potentially creating a void that someone would have to fill for it to advance.
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