Debate over the merits and drawbacks of standardising bond issues has been reignited in banks’ recently published responses to the European Commission’s plans for a Capital Markets Union.

In its February green paper on the EU-wide initiative, the Commission noted that standardisation could be used as "a mechanism to kick start markets". A certain degree "may attract more investors and increase market depth and liquidity", it said, which could work to the benefit of smaller member states lacking domestic capital.