The Capital Markets Union (CMU) is a plan of the European Commission consisting of a mix of regulatory and nonregulatory reforms (33 measures in total), aiming to better connect savings to investments based on a single rulebook that will create a level-playing field for the provision of investment services and offer private firms the possibility to raise capital through issuance of equity and debt anywhere in the EU.
I should remind you that the European economy has been traditionally bank-based. It is indicative 15 / 17  BIS central bankers' speeches  that 70% of capital raised in the EU comes from the banking system, compared with just 20% in the US. So, the idea is to provide alternative sources of financing and more opportunities for consumers and institutional investors.