The Draghi report had some specific proposals which are rather realistic:
> Reduce capital market fragmentation
>
> A. Introduce a European Security Exchange Commission
>
> B. Reduce regulatory fragmentation to deepen the CMU
>
> C. Encourage retail investors through the offer of second pillar pension schemes where the successful examples of some EU Member States can be replicated.
>
> D. Assess whether further changes to the capital requirements under Solvency II are warranted by further reducing the capital charges on equity investments held for the long term.
The second point is dubious. A central registry may be better or worse than the best national registry.
The third and fourth are what is usually called the Capital Markets Union in eurobubble speak: https://en.wikipedia.org/wiki/Capital_Markets_Union
The Draghi report had some specific proposals which are rather realistic:
> Reduce capital market fragmentation > > A. Introduce a European Security Exchange Commission > > B. Reduce regulatory fragmentation to deepen the CMU > > C. Encourage retail investors through the offer of second pillar pension schemes where the successful examples of some EU Member States can be replicated. > > D. Assess whether further changes to the capital requirements under Solvency II are warranted by further reducing the capital charges on equity investments held for the long term.
https://commission.europa.eu/document/download/97e481fd-2dc3...
https://commission.europa.eu/document/download/ec1409c1-d4b4... (p. 292)