The European Commission has announced that it will be accelerating its Capital Market Union reforms and has provided an update on the state of play of the CMU action plan initiatives. In a communication this week, the Commission has outlined its plans for finalising the first wave of CMU measures, for accelerating delivery of the next phase of CMU actions, and for developing further priorities. The communication is addressed to the European Parliament, the EU Council, the ECB, the European Economic and Social Committee (EESC) and the Committee of the Regions. The CMU action plan, which identified the priority actions needed to put the building blocks of the CMU in place by 2019, was launched in September 2015.