On 15 March 2019, the European Commission published a communication on its progress on developing the Capital Markets Union (CMU). The communication outlines the rationale of the CMU, as well as the progress achieved so far in developing the CMU. The communication makes three conclusions:

• the European Commission has now delivered the measures it committed to at the beginning of its CMU action plan and in the mid-term review to put in place the building blocks of the CMU;
• the European Commission has worked closely with the European Parliament and the European Council to make considerable progress on many proposals; and
• while the European Commission’s action has already started to have an effect, it will take some time for the full impact to be felt on the ground. Future action will need to reflect the impact on capital markets of the UK’s departure from the EU and other short or medium-term economic and societal challenges.

The European Council is invited by the European Commission to renew its commitment to the CMU and endorse  efforts within the communication for its next strategic agenda. A table at part 4 of the communication provides a helpful mapping of the progress of legislative files within the CMU.