There has been lots of misguided talk about reviving the Capital Markets Union lately. Lord Hill recently told FN the initiative to unify Europe's capital markets must not be allowed to die after Brexit and some financial lobby groups have also begun privately highlighting the benefits it could have for the EU and the UK.

The idea sits awkwardly, because after the UK's vote to leave the EU most people in the City gave up on the CMU, given the UK comprises such a large part of Europe's capital markets. Secretly, many probably also hope the UK could benefit from the initiative's collapse as an EU worried about its weak and disjointed capital markets would be more willing to offer up concessions in Brexit negotiations.