When it comes to the Capital Markets Union, the central topic at the most recent meeting of Europe's finance ministers, there is at least agreement on one point: Banks, stock exchanges, and capital providers will no longer be able to tolerate it for very much longer if the political will is announced like a mantra – but virtually nothing happens. The "completion of the European Capital Markets Union" has long been one of those speech bubbles that – unless the term is specified and substantiated in terms of content – attracts the ridicule of the public and ends up on the bullshit bingo lists.

In this respect, it is understandable that France's Finance Minister Bruno Le Maire has declared to his EU counterparts in an almost bilious manner that he is tired of all the talk and finally wants to move forward with a few like-minded people instead of waiting for everyone. On closer inspection, however, this idea is not very effective. After all, Europe is certainly not getting any closer to the goal of removing barriers to the movement of capital through the efforts of three or four states.

However, Le Maire is right to put modernising the legal framework for securitisation on the list of priorities. After all, he is not only speaking from the hearts of Europe's banks when he puts this issue centre stage. Easing the burden on bank balance sheets by selling risks and thus creating new scope for financing is certainly more promising than yet another amendment to listing requirements for IPOs.

Le Maire brings state guarantees into play. Yes, these could be an element in revitalising the securitisation market. However, revisions to risk weightings and a reduction in disclosure requirements are likely to be more critical. In any case, EU legislators would be well advised to deliver concrete results on securitisation as soon as possible in order to give substance to the goal of the Capital Markets Union, which has almost degenerated into an empty phrase. After all, it is nothing less than one of the critical levers for boosting growth in Europe.