CMU could imply, inter alia, more ambitious steps towards a greater convergence of: –  Bankruptcy laws,  –  Company laws, and  –  Taxation of financial products, including reflections on how to reduce or even eliminate the current taxation bias in favour of debt financing and against equity.
Although there are complaints about the over-reliance on debt and the fact that leveraging is too high, debt is favoured over equity through taxation. It seems to me that there is some inconsistency here. Towards a type of “Fiscal Union” Imperfect labour mobility as well as price and wage rigidities within the euro area do not fulfil the conditions of an optimal currency area.