A promise kept? The first years of experience of the Appeal Panel of the SRB

This chapter reflects on the evolution and implementation of the Capital Markets Union (CMU) project in the European Union, emphasizing its connection to the foundational promise of effective judicial protection in cross-border financial disputes. It assesses whether the EU has fulfilled its commitment to establishing a unified, resilient, and investor-friendly financial market. The analysis revisits key legislative developments, enforcement mechanisms, and institutional reforms introduced under the CMU, while also highlighting persistent challenges, such as fragmentation, legal uncertainty, and access to justice for retail investors. The chapter argues that the CMU represents not only a financial integration initiative but also a litmus test for the EU’s capacity to deliver on its legal and political commitments to rights-based financial governance.