This, in a nutshell, is the background against which the Capital Markets Union (CMU) project was launched in 2015 in order to “get money – investments and savings – flowing across the EU so that it can benefit consumers, investors and companies”. [2] In this sense, the Capital Markets Union complements the Banking Union, which focuses on banks and the centralisation of supervisory powers.
The CMU project has many facets and implications, and not all of the objectives or policy measures are of core relevance or even within the mandates of central banks.