Yes, it's in the works.

Probably in just 3 to 5 years they could open a working group to outline an agenda for a committee which would prepare blueprints of the primary proposals.

This is exactly how its going to go. But the reason is not lazy bureaucrats but that a lot of countries fear they will lose out on taxes from corporations currently domiciled in their country. Of course another big source of friction is different labour laws in different countries. And there's no way these are going to be touched. And of course banks will also oppose the unified capital market because they fear losing fees from their domestic customers to better banks in other countries.