CEPS Task Force

Shaping Union in Europe’s Capital Markets


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.

Here you can see a detailed overview of the proceedings

Karel Lannoo

Chief Executive Officer

+32 (0)2 229 39 82

Cosmina Amariei