The European Commission is “on time and driving issues forward” in its plans for a Capital Markets Union spanning all 28 member states, according to the person leading the project, who gave his first status report on April 25.

Jonathan Hill, the commissioner responsible for financial stability, financial services and CMU, said in a statement that he wants to "tackle some of the longer-term issues" around CMU, including improvements to business restructuring and insolvency processes, personal pensions, venture capital markets and passporting rules to aid cross-border distribution of investment funds.