For ten years, the European Union has promoted the project it calls capital markets union (CMU), with the goal of setting up well-developed, well-integrated capital markets that would span the entire union and allow it to mobilize its high savings for growth and investment. But the CMU project has not delivered material results. It should be given a last chance, with a focus on integrating markets supervision at the European level.
The vocabulary of CMU was coined by Jean-Claude Juncker on July 15, 2014, in his maiden speech to the European Parliament as president-elect of the European…
