Ten years in. Still no deal.

The EU's capital markets union project? It's stuck in bureaucratic limbo. The vision was straightforward enough—build a framework that keeps European savings circulating within the bloc instead of hemorrhaging to US markets. But getting 27 member states to align on regulatory standards? That's proven messier than anyone anticipated.

Now some countries aren't waiting around anymore. They're rolling out their own national frameworks, which kinda defeats the whole "union" concept. The irony isn't lost on anyone watching this unfold—a fragmented approach to solving fragmentation.