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Vice-President Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union, said: "The EU is pushing for stronger and competitive capital markets, so that businesses and investors can reap the full benefits of the single market. We have already established the building blocks of a CMU and now we have to reflect and consult on how to take this flagship project forward. This is why the Commission is bringing together high-calibre experts from industry and civil society to help us take the CMU to the next level.”
In response to the call for applications published on 28 October 2019, the European Commission received more than 130 applications from civil society, the business and finance community, as well as other non-public sector institutions. The Commission selected 28 highly-qualified candidates on the basis of their personal expertise in the area of financial markets, also taking into account geographical and gender balance in the Group's membership. The forum which will be chaired by Thomas Wieser, former Chair or the European Financial Committee.
It will be comprised of three sub-groups focusing on the following areas: (1) The creation of an ecosystem enabling greater capital raising, with special focus on innovative SMEs; (2) The development of the European capital market architecture, with special focus on how new financial technologies can support this process; (3) Investment choice and accessibility to capital markets services to promote greater retail investors' participation.