The idea of a European Capital Markets Union is now nine years old. However, little has happened since then, and the term has degenerated into an empty phrase. Now the Eurogroup has finally succeeded in giving substance to CMU. This was not entirely by choice. Rather, the finance ministers have realised that it is not only impossible for the state, but also for the banks, to raise the trillions needed to restructure the economy.

In contrast to 2015, the intention is to initially focus on measures that are comparatively easy to implement. These low hanging fruits include amending the rules for securitisation, creating a cross-border investment and savings product for retail investors, harmonising the supervision of market participants beyond the banking sector, and reducing the bureaucratic burden. So far, so consensual - at least on the whole.

On a more granular level, however, the common denominator quickly shrinks. One example is retail products. It is widely suspected that the French government is only committed to changes so that French banks can also offer its domestic tax-privileged investment savings account to small customers in other EU countries. Another example is the harmonisation of financial market supervision. Here again, the French, who would like to subject European stock exchanges and clearing houses to direct supervision by Paris-based ESMA, are viewed with scepticism by their EU partners. The accusation lingers that Paris is primarily interested in scoring points in the competition between financial centres.

With regard to a reduction in bureaucracy, there is lots of agreement in terms of rhetoric, but it is the details that are causing disputes. After all, EU regulation is so complex because it takes account of national particularities. If you want to abolish them in order to streamline regulations, this naturally causes a lot of controversy.

But there is some good news. When it comes to reforming securitisation rules, governments are on the same page even when it comes to the details. There is therefore a good chance that the EU Commission will present a legislative proposal as soon as it has reconstituted itself. This will certainly have a positive effect. But even a proposal like that will be little consolation for the fact that the EU will continue to struggle to mobilise its capital markets for the foreseeable future.