Allow me only to touch on one specific element, which by the way was considered important enough by “The Economist” for a cover story some months ago, with the title “The Great Distortion – A Dangerous Flaw at the Heart of the World Economy”, 8 namely the difference in taxation between debt and equity.
This point has also briefly been touched upon in the comprehensive Eurosystem contribution to the Commission’s Green Paper on Building a Capital Markets Union.