Regulatory consistency in a broad sense and a level playing field, as opposed to leniency, are crucial to render EU markets attractive. At the European level, Brexit is an additional challenge which may lead to fragmentation as services could be provided in a more decentralised way.
At the same time, EU27 capital markets are still subject to national rules and supervision, making for a patchwork of regimes which prevent the integration of markets and may open the door to regulatory arbitrage. As a response to Brexit, we need to develop truly European capital markets, and this makes progress on the CMU front even more urgent.