EU leaders are set to revive plans for eliminating national barriers between the bloc’s capital markets, as they race to find hundreds of billions to fund a rapid scale-up of the continent’s defence capabilities and its green transition.
A two-day EU summit starting Wednesday will commit to “advancing the Capital Markets Union,” according to draft conclusions seen by the Financial Times. The CMU, first proposed almost a decade ago, has stalled amid resistance in national capitals to handing more powers to Brussels.
But fears of the bloc falling behind the US and China, and strains placed on public coffers amid increasing spending needs have led to a rethink about finally bringing those plans into fruition.
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