The Leibniz Institute for Financial Research – Sustainable Architecture for Finance in Europe (SAFE) – and the European Stability Mechanism (ESM) will hold a high-level webinar on relaunching the EU’s capital markets union.

The capital markets union (CMU) is a plan to create a single market for capital. Initiated in 2015 but not completed yet, with the CMU, investments and savings shall flow across the EU so that it can benefit consumers, investors and companies. A new action plan to complete CMU is essential to support the economic recovery after the pandemic and to finance the green and digital transitions of the economies.

During the webinar, experts will look at the progress of CMU and discuss obstacles to a smooth implementation in light of the changing economic and policy environment, including Covid-19.


The key topics for discussion are:

  • Developments of CMU since inception – enhancing the opportunities for savers and users of funds, increasing their access to capital markets, regardless of where they are located, with a view on small and medium-sized enterprises.
  • Challenges for the implementation of CMU – why do EU capital markets remain fragmented and what is holding back progress to deeper capital markets integration in Europe?
  • New action plan and operational issues – gains of further capital markets integration and financing beyond banking from the view of issuers, banks, infrastructure providers, instruments, and regimes.


The seminar will bring together CMU experts, staff from international organisation, senior policy-makers and academics. Participation by invitation only. Chatham rules apply, no verbatim or video/audio recordings.


Programme and Participants

20 September 2021
13.30 - 13.35
Opening Remarks: Prof. Jan Pieter Krahnen, Scientific Director, SAFE
13.35 - 13.50

Keynote Speech: Sean Berrigan, Director General FISMA, European Commission

Session I
13.50 - 15.00

CMU 2.0 – Why is it different this time?

Moderator: Kalin Anev Janse, Member of the Management Board, Chief Financial Officer, ESM


Evert van Walsum, Head of Investors and Issuers Department, ESMA

Isabel Vansteenkiste, Deputy Director General for Monetary Policy, ECB

Loriana Pelizzon, Prof. of Law and Finance, Goethe University Frankfurt/SAFE

Peter Praet, former ECB Chief Economist and Member of the ECB Executive Board 

Pierre Heilbronn, Vice President, Policy and Partnerships, EBRD

 Sean Berrigan Director General FISMA, European Commission,   European Commission

15.00 - 15.15

Virtual coffee break
15.15 - 15.30 Keynote: Ricardo Mourinho Felix, Vice-President, EIB
Session II
15.30 - 16.45

CMU – Action plan and current operational issues

Moderator: Prof. Hans-Helmut Kotz, Harvard University and SAFE


Arnoud Boot, Prof. of Corporate Finance and Financial Markets, University of Amsterdam

Christian Kopf, Head of Fixed Income and FX, Union investment

Petr Koblic, CEO, Prague Stock Exchange

Ricardo Mourinho Felix, Vice-President, EIB

16.45 - 17.00
Closing Remarks: Rolf Strauch, Member of the Management Board, Chief Economist, ESM


The views of the researchers participating in the Relaunching the EU’s Capital Markets Union webinar do not necessarily reflect the views of the ESM or ESM policy.