Response to Consultation on Roadmap on CMU Action Plan

Published 02/09/2020

The IRSG welcomes the Final Report of the European Commission’s High-Level Forum, and supports the efforts to re-make the case for the Capital Markets Union (CMU). The IRSG understands that there is no single silver bullet which will lead to a fully functioning CMU, and that change in some areas will take time, not least as an equity culture is not developed overnight. In commenting, the IRSG intends to share cross-sectoral experience from the UK and internationally.

This response groups its recommendations by the titles of the chapters in the High-Level Forum Report. In summary, the report discusses:

  • Overall support for deep, open, interconnected and internationally-aligned CMU
  • CMU in the context of COVID-19
  • Creating a vibrant and competitive business environment
  • Building a stronger and more efficient market infrastructure
  • Fostering retail investments in capital markets
  • Pension auto-enrolment
  • Need for strong political commitment