It is also a great achievement of the Association of German Pfandbrief Banks, or vdp, and its sustained efforts at the national and international level. The EU framework for covered bonds and the aforementioned taxonomy for sustainability are two steps towards a real capital markets union.
However, it appears that Europe still has obstacles to overcome on its way to better access to funding and a wider dispersion of risk in the private sector. In my view, the area of insolvency proceedings could be key to a deeper integration of the European capital market.