European Capital Markets Expert Group and Task Force

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In December 2014, ECMI and CEPS formed the European Capital Markets Expert Group (ECMEG) with the aim of providing a long-term contribution to the debate on the Capital Markets Union (CMU) project, proposed by the European Commission. After an intensive, year-long research effort and in-depth discussions with ECMEG members, the final report aims to rethink financial integration policies in the European Union and to devise an EU-wide plan to remove the barriers to greater capital markets integration. It offers a methodology to identify and prioritise cross-border barriers to capital markets integration and provides a set of policy recommendations to improve its key components: price discovery, execution and enforcement. 

This report was drafted by Diego Valiante (Head of Financial Markets and Institutions at CEPS and Head of Research at ECMI), with contributions from Cosmina Amariei and Jan-Martin Frie, based on extensive research and discussions with the members of ECMEG, chaired by Francesco Papadia, former Director General of the European Central Bank and other international experts. ECMEG interacted with a broader Task Force including members from industry, as well as observers from EU institutions, national authorities and academia.


  • Francesco Papadia, Chairman of the Board, Prime Collateralised Securities (PCS)


  • Diego Valiante, Ph.D., Head of Financial Markets and Institutions, CEPS - Head of Research, ECMI


  • Cosmina Amariei, Research Assistant, ECMI
  • Jan-Martin Frie, Research Assistant, ECMI

Task Force Meetings

  • Meeting 1 (12 December 2014): Agenda
  • Meeting 2 (4 February 2015): The quality of information flows for price formation Agenda
  • Meeting 3 (16 March 2015):  Legal and institutional underpinnings of a capital markets union Agenda
  • Meeting 4 (14 April 2015): Pan-European product and market access Agenda
  • Meeting 5 (8 May 2015): Agenda
  • Launch event in Brussels (03 February 2016) More information HERE.
  • Dissemination events in London (21 April 2016), Paris (28 April 2016), Milan (9 May 2016), Madrid (11 May 2016) More information HERE.

Please download the PROSPECTUS to find a detailed account of the objectives, methodology and work plan of this task force.

Final Report of the Task Force: 'Europe’s Untapped Capital Market: Rethinking financial integration after the crisis​​'