The second line of action would be to deepen the integration of capital markets, which might eventually result in the formation of a capital markets union. To be sure, the concept of a capital markets union is not as clear-cut as that of a banking union.
Capital markets are complex and non-bank finance takes many forms: corporate bonds, private equity, public equity, venture capital or peer-to-peer lending, to name just a few. And integration not just relates to financial products but also to integral elements of the respective markets, such as stock exchanges and central counterparties.