As part of the CMU project, the European Commission is undertaking an in-depth review of European covered bond markets performance against the backdrop of the financial crisis, which triggered a significant fragmentation between covered bonds markets and made funding increasingly difficult for credit institutions in different Member States. The European Commission is looking to assess whether there is merit in developing an integrated pan-European framework for covered bonds as a means to reduce fragmentation between national covered bonds markets, restore investor confidence where needed and facilitate issuance and investment where it may be facing difficulties.