CEPS Task Force

Rebranding the Capital Markets Union

Status quo and back to the drawing board


This task force is now over, you can read the report here.


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.

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:

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

Chairman: Vítor Constâncio, former Vice President of the Executive Board of the European Central Bank, and current President at the School Council at ISEG

Rapporteurs: Karel Lannoo, CEO, CEPS and Apostolos Thomadakis, Researcher, ECMI


1st meeting: 10 December 2018, 13h00-17h00

2nd meeting: 6 February 2019, 13h00-17h30

3rd meeting: 27 March 2019

Download the Final Report: Rebranding Capital Markets Union: A market finance action plan

How to join

Download the Prospectus, consult the conditions for participation, fill in the Application Form and return it to Maarja Kuusik.

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

Karel Lannoo

Chief Executive Officer

+32 (0)2 229 39 82

Apostolos Thomadakis

Research Fellow

+32 (0)2 229 39 14