Commissioner Jonathan Hill has delivered a speech to the EU Parliament sketching out the next steps which must be taken by his successor Valdis Dombrovskis in relation to the Capital Markets Union (CMU). Commissioner Hill rejected media comment that the transfer of his portfolio to Commissioner Dombrovskis would mean a shift in direction for the CMU saying that the CMU reflects the policy priorities identified by stakeholders in the EU Commission consultation on the subject. Commissioner Hill also commented that the CMU may take longer to build without UK involvement but that Brexit has made progress on attaining the CMU even more urgent.