Only two years ago the European Union adopted two regulations that serve as the pillars of the European Banking Union. In October 2015, the Commission launched an ambitious plan to establish a European Capital Market Union until 2019. Although both “unions” go in the same direction – an even more integrated and centralized European financial market – and use the same institutional instruments, they are based on a different motivation.

By Peter Sester (Reference: CapLaw-2015-56)