The main challenges on the path to the Capital Markets Union: codification of European financial markets law and centralisation of supervisory powers

The paper examines the pivotal challenges confronting the Capital Markets Union, with particular emphasis on the codification of European financial markets law and the centralisation of supervisory powers. The analysis contends that establishing a European Capital Markets Code and restructuring the current allocation of supervisory powers constitute synergetic objectives, essential for achieving true market integration. The current geopolitical context may provide the necessary momentum for realizing these long-sought reforms, ultimately fostering a more cohesive and efficient European financial system.