The state of the Union speech on Wednesday 14 September provided the president of the European Commission with the opportunity to call for no time to be lost in creating a Capital Markets Union (CMU). Of the initiatives already on the table, one has been there for more than a year: the proposal to breathe new life into the securitisation market. The inter-institutional negotiation phase has not even started yet, as the European Parliament has still to agree on its negotiating position. "Let...