The European Commission stated to pursue a Capital Markets Union among its goals. Actually, already on the sixties, it was planned the development of a European capital market trying to identify obstacles to the process of financial integration. Although in a different economic and political context, the Segré Report set out to identify which were the shortcomings of the national capital markets for the effective functioning of the European economy as a whole. After having achieved a monetary and a banking Union, lacking the political one, the goal of a Capital Markets Union could bring with it not only opportunities but also limits to the potential benefits. The idea is to go back over the heritage of the regulation of the capital market in Italy to reflect on the principles and objectives that have identified the developmental ratio as a function of the European process of economic and financial integration. The aim is to foster discussion on the view of a European Capital Markets Union.