Activities Report 2019

Capital markets union will remain high on the agenda for the von der Leyen Commission, with a different twist. The leitmotifs of strategic autonomy and the Green New Deal have important implications for market operators.

More market finance for start-ups and SMEs is a core theme, especially in the context of the transition to a greener economy. Details on the EU start-up fund are eagerly awaited, and its interaction with other EU and member state instruments. Of the recurring themes, the MiFID II review will be the most controversial, but it is difficult to assess at this stage how far it will go. It might be best not to open the box too widely, as it will be impossible to close it. And there are important implementation files, such as the PEPPs, the ESA review, the IFR, all to be closely watched.

After the transition year, there will be no shortage of issues. On the contrary, the moment of truth for CMU will arrive during this Commission mandate. We will keep you posted.

Karel Lannoo - CEO of CEPS and General Manager of ECMI