RIYADH: The EU is moving forward with plans to build a cross-continental financial system with four new legislative proposals, Bloomberg reported.

This comes six years after it was first announced and a year after the latest re-launch.

The EU’s executive arm hopes a “capital markets union” will break down barriers between 27 national financial markets and rulebooks to help companies raise money within the bloc.

It announced changes to the markets that would help create data feeds from across several trading venues, known as a consolidated tape.

The bloc also confirmed reforms that would allow the public to view financial details of the European companies and investment products through a single access point.

Changes to European long-term investment funds to make it easier for firms to set up and market these products, particularly for retail investors, were also announced.

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