The six largest economies in the European Union have called for an acceleration of the Capital Markets Union, in a bid to speed up legislation in Brussels, according to a letter sent to the European Commission on Friday.The letter is signed by Germany, France, Spain, Italy, Poland and The Netherlands, known as the E6, who are trying to overcome the frustrations of the EU’s legislative path, which they say has obstructed the political momentum and benefits that market reform would offer.”Deeper and more integrated capital markets are key to unlocking Europe’s growth potential and ensuring its ability to act in an increasingly challenging global environment,” the letter says.Capital markets legislation in Brussels is considered one of the main priorities for the bloc, helping it pursue the goal of making Europe more competitive on the global stage.The EU is stepping up efforts to boost its global competitiveness and reduce reliance on the US and China. To achieve this, member states are promoting a competitiveness agenda in which the integration of capital markets plays a central role.The bloc aims to create a single market for capital, allowing money – including investments and savings – to flow freely across borders without regulatory barriers.An end to fragmentationAt present, capital markets are largely governed by national legislation, resulting in a fragmented landscape for businesses and investors.While EU leaders always stress the importance of completing the capital markets union as a key measure to create a single market more friendly for business, the bloc is still divided over how to make the integration happen.Among the E6’s main proposals to overcome fragmentation is to transfer certain powers to the European Securities and Markets Authority.As in many areas of EU legislation, some member states are reluctant to cede their sovereignty over capital markets legislation, resulting in a stagnation with significant political consequences.To get the legislation moving forward, the E6 need to find the support of nine other countries. In this case, the law can only advance if it secures the backing of at least by 15 countries representing 65% of the EU’s population.