Institutional and Market Drivers towards a European Capital Markets Union

The main purpose of this paper is to make an overview of the development of the institutional and market framework toward the full integration of the EU capital markets. It analyzes the progress at EU level for overcoming the still fragmented capital markets in the aftermath of the global financial and economic crisis and the current initiative for the creation of EU capital markets union. Besides, our paper evaluates the market factors driving the creation of a pan-European capital market during the last fifteen years