The Capital Markets Union: Possible Without the Banking and the Fiscal Union?

Europe's commitment to a single capital market dates back nearly 60 years. Whilst huge progress has been made in terms of developing the Capital Markets Union (CMU), significant challenges lie ahead of us. Only recently, European leaders have begun a series of reforms that will reshape the financial architecture of the Eurozone, and which are crucial if the CMU is to work – the Banking Union and the Fiscal Union.

Without a European deposit insurance framework, however, the Banking Union shall remain an unfinished project. Indeed, there is as yet little consensus as to what a Fiscal Union in the Euro Area should involve. It appears that in the short to medium term, the fate of the CMU rests solely with the European Central Bank.

This Lunch Debate will focus on the prospects of the CMU. Is it possible to create a CMU without first having completed the Banking Union and implementing a Fiscal Union? Are European leaders willing to enforce greater fiscal integration?