And we need further convergence in the efficiency of national insolvency frameworks, even carving out special procedures for green investments. These initiatives can be seen as an engine for the CMU project generally, testing and putting in place some of the measures that are needed to advance wider capital market integration.
If we succeed, there will be very positive knock-on effects for European capital markets. In short, Green CMU not only gives us a tremendous opportunity to craft something genuinely European and with immediate impact, but it also has the potential to transform the EU as a 3/4  BIS central bankers' speeches  whole.