From 1 January 2025, Poland will chair the Council of the European Union for six months. At its June 2024 meeting, the European Council reviewed progress and discussed additional steps to further integrate EU capital markets. The priority of reviving the Capital Markets Union (CMU) is to increase the financing capacity of the European economy in response to the critical challenges of today. The top-down vision for reviving the CMU should be accompanied by bottom-up solutions oriented toward the development of domestic capital markets that meet the needs of local economies. The Polish economy needs a strong domestic capital market to boost its innovation and productivity, as well as to finance the challenges of energy and digital transformation. Therefore, supporting the development of national capital markets must be one of the pillars of the Capital Markets Union setting the EU’s cohesion policy. The top-down development of the Capital Markets Union favors the most competitive markets and leads to a concentration of trading at the expense of smaller local markets, which equally need support for development in the interest of domestic businesses, economies and job quality.