Summary of Light and Shadows in Europe’s New Action Plan for Capital Markets Union

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Light and Shadows in Europe’s New Action Plan for Capital Markets Union summary


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Reformers always struggle with the question of whether to aim high or low in their proposals for change. While aiming low is often a surer route to success, the European Union has had a tradition of aiming high and succeeding nonetheless. Yet the bloc is approaching a single capital market with too much caution, according to economist Diego Valiante. getAbstract recommends his erudite call for more boldness in capital reforms so that EU firms and professionals can compete in a uniform market for investments and capital.

In this summary, you will learn

  • Why the European Union needs a single capital market,
  • Why the current proposals for a Capital Market Union fall short and
  • What a better reform might look like.

About the Author

Diego Valiante leads the financial markets and institutions research group at the Centre for European Policy Studies.



The need for deep and efficient capital markets to underpin the European Union’s economic growth led to the September 2015 action plan for a Capital Market Union (CMU). The CMU outlines the project to integrate the EU’s fragmented financial sector. Alas, the action plan – which consists of some laudable...

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