Rebranding Capital Markets Union: Status quo and back to the drawing board

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Four years after its launch, opinions on the success of the CMU project are mixed. Awareness of the importance of well-functioning capital markets and the need for an alternative financing channel to the banking sector have grown. However, capital markets have neither significantly developed nor become more integrated. The initiatives launched by the European Commission have had only a piecemeal effect. With the current legislature coming to an end, it is necessary to revamp CMU strategy for the EU-27 post-2019. However, before setting priorities for the future, it is necessary to take a critical look backwards on what has been achieved.

The need for fundamentally revisiting the European capital markets programme, and launching a structured debate is more urgent than ever.

Prospectus Registration form

Main objective

The Task Force will engage with a diverse group of stakeholders to think through the priorities for the next European Commission and Parliament. It will focus on three main topics:

  1. Taking stock of what has been achieved so far since the adoption of the CMU Action Plan in September 2015;   
  2. Identify areas to which priority should be given by the next Commission;
  3. Put forward a list of concrete policy recommendations and actions that can contribute towards the completion of CMU.



  • Vítor Constâncio, former Vice President of the European Central Bank, and current President at the School Council at ISEG


  • Karel Lannoo, CEO of CEPS and General Manager of ECMI
  • Apostolos Thomadakis, Ph.D., Researcher, CEPS-ECMI

The Task Force is organised around dedicated meetings (panel debates, roundtable discussions, presentations). In order to bring more transparency into the general proceedings, summary reports are published after each meeting. Targeted bilateral consultations and in-depth research are conducted in parallel.

The structure of the meetings as well as the drafting process are based on an independent agenda. The content of the final report is attributed solely to the rapporteurs and not to ECMI, CEPS or any individual member of the Task Force. The members of the Task Force in their personal capacity and do not necessarily endorse the policy recommendations and/or overall conclusions.

Task Force Meetings


Participation to the meetings is limited to the members of the Task Force, academic/policy/industry observers and selected invitees; and subject to a fee. CEPS and ECMI members are entitled to a discounted fee, while non‐members (with a commercial interest) pay the full fee. If you are interested in joining this Task Force, please fill-in the registration form


For further questions, please do not hesitate to contact Apostolos Thomadakis by email at: or by phone on +32 222 93 914.

Final Report of the Task Force: 'Rebranding Capital Markets Union: A market finance action plan'