the Payment Services Directive, which we refer to as PSD 1 & 2, the E-Money Directive, the SEPA Regulation, the Directive on Payment Accounts and the Interchange Fee Regulation. This strong cooperation between both institutions has enabled us to get where we are now with the Single Euro Payments Area.
This brings me to the project currently underway at the European Commission with the aim of creating a Capital Markets Union, or CMU. CMU has the potential to complement banking union and strengthen Economic and Monetary Union by improving cross-border risk-sharing and making the financial system more resilient.