This means that the SSM has already contributed to the sustainable growth of output and employment in Europe, even if that contribution is hard to pinpoint or measure. Second, I will offer a reflection on the further steps we have to take in order to ensure that the project delivers on its stated objectives.
Finally, I will touch upon some of the Capital Markets Union initiatives, concentrating on those designed to increase access to finance for small and medium-sized enterprises. 2. Banking Union: the main achievements  We must not underestimate what has already been accomplished by the BU project.