Can we rely on directives with national leeway in their implementation or do we need to make use of Regulations that are directly applicable? As regards actors, there is the question of where we should rely on decentralised application of common rules and where we need institutions at EU level to implement common rules?
What functions could be performed, for example, by the European supervisory authorities, whose activities and tasks are currently being reviewed in Brussels? As regards geographical scope, it is important that we strive to make the capital markets union a project of the EU28 to reinforce the single financial market as a whole.