Round Table on Capital Markets Union (CMU)

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Seven years into the launch of the project to create a Capital Markets Union (CMU), capital markets in the EU have neither significantly developed nor become more integrated. On the contrary, the largest capital market has left the Union through Brexit, the remaining markets have become more fragmented, while market financing have not developed significantly. This matters, as the EU is losing out against its competitors in providing a developed and diverse financial system, where users of debt and equity capital can choose between different forms of bank and market financing.

For the EU financial markets to be developed and integrated, much remains to be done, on the internal and external front.


Main objective

The purpose of this Round Table is to explore meaningful ways of advancing the CMU project, to eliminate complexity and aim for real progress.​


Chaiperson:         Lieve Mostrey, Euroclear

Rapporteurs:       Karel Lannoo, CEPS-ECMI and Niamh Moloney, LSE

Researchers:      Apostolos Thomadakis and Cosmina Amariei, ECMI

This Round Table is supported by an independent research agenda. The Chairperson and the Rapporteurs steer the dialogue among the members in a constructive manner. A set of sound and clear principles is guiding the entire proceedings in order to preserve an impartial approach to divergent opinions. Dedicated meetings are organised, summary reports are drafted, targeted bilateral consultations/reviews and in-depth research are conducted in parallel, all these feeding into the final report.


  • First meeting - 4 April 2022
  • Second meeting - 13 May 2022
  • Third meeting - 18 July 2022
  • Fourth meeting - 26 September 2022
  • Launch event - 30 November 2022


The participation is limited to the members of the Round Table (and their substitutes).

Contact us

Beatriz Pozo [] and Ornella Martini [].

Final Report of the Round Table: 'Time to re-energise the EU's capital markets: Building investable and competitive ecosystems'.

Download Report