BIS central bankers’ speeches  11  To bring about its expected benefits, the CMU should foster and result in a high level of financial integration in capital markets across the European Union, based on an adequate legal and regulatory framework. This framework should be cast wider in order to cover also less regulated and more opaque activities, such as shadow banking.
CMU could imply, inter alia, more ambitious steps towards a greater convergence of: –  Bankruptcy laws,  –  Company laws, and  –  Taxation of financial products, including reflections on how to reduce or even eliminate the current taxation bias in favour of debt financing and against equity.