section_path: Economy/Economic and monetary union/Capital Markets Union and financial institutions
section_name: Capital Markets Union and financial institutions
paragraph_text: Capital Markets Union and financial institutions
  
  Free movement of capital is intended to permit movement of investments such as property purchases and buying of shares between countries. Until the drive towards economic and monetary union the development of the capital provisions had been slow. Post-Maastricht there has been a rapidly developing corpus of ECJ judgements regarding this initially neglected freedom. The free movement of capital is unique insofar as it is granted equally to non-member states.
  
  The European System of Financial Supervision is an institutional architecture of the EU's framework of financial supervision composed by three authorities: the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. To complement this framework, there is also a European Systemic Risk Board under the responsibility of the central bank. The aim of this financial control system is to ensure the economic stability of the EU.