The EU Commission has published a report on the EU crowdfunding sector under the Capital Markets Union Action plan indicating its support for crowdfunding as an alternative source of finance for EU start-ups. The EU Commission is of the view that crowdfunding has the potential to be a key source of financing for SMEs over the long term if appropriately regulated, however there is no strong case for an EU level framework presently. The EU Commission will continue to monitor this situation and has committed to twice yearly meetings with regulators and the sector in order to determine if measures for investor protection or regulatory convergence are required. According to the EU Commission €4.2 billion was raised through crowdfunding platforms in 2015 in the EU, compared with €1.6 billion in 2014.