The CBI and ISE have published their responses to the European Commission's green paper on building a Capital Markets Union (CMU). The purpose of the green paper was to consult all interested parties on the Commission’s overall approach to putting in place the building blocks for CMU by 2019. The CBI's response states that it supports measures to increase the safety and efficiency of Europe's capital markets and that the realisation of a CMU will take "significant effort and commitment on the part of all stakeholders in the EU. The response outlines the CBI's belief that a realistic timeframe for implementing priority areas on a phased basis will need to be set down and highlights a number of key areas where it believes policy initiatives would materially improve the functioning of Europe's capital markets. In particular the CBI stated that: "a harmonised framework for predictable and expeditious recovery of client assets (and investor monies) from a failed regulated financial services firm … domiciled in any one of EU jurisdictions should be a feature of CMU".