EU unveils plan to boost capital markets and emulate that of US

The European Union plans to boost capital markets by breaking down barriers to cross border investments as it looks to match the more dynamic venture capital market in the U.S.

The so-called Capital Markets Union unveiled Tuesday aims to unify the markets of the EU's 28 member countries by 2019, making it easier for companies to raise cash on stock and bond markets.

EU financial services chief Jonathan Hill said the scheme "is about unlocking liquidity that is abundant, but currently frozen, and putting it to work in support of Europe's businesses."

A road map in the summer will set out ways to improve business access to financing for infrastructure projects, cut the cost of raising capital and help smaller companies raise cash as easily as big concerns.