For the past five years, numerous European institutions have been working on the Capital Markets Union (CMU) project, and the European Securities and Markets Authority (ESMA) has played a pivotal role in these joint efforts through a range of activities. We have been steadily increasing the convergence of national supervisory actions and practices across the EU, we have vastly expanded collecting, analysing and publishing data on financial market risks and developments in the EU, and we have taken our first product intervention measures.
The consequences of the Brexit referendum in the UK will significantly impact the structure of the EU financial markets as we know it today. A significant number of UK market participants are relocating to the EU27, increasing the role of various financial centres here, and Brexit may prove to be a unique opportunity for the EU27 to expand the function of its capital markets in funding the real economy.
