Studies 3 indicate that the relatively small differences between costs of entering the market in the USA and in the EU could still account for 10% to 20% of the EU’s productivity shortfall. The costs of removing red tape are comparatively low and could strengthen growth. 5. Venture capital markets  New, innovative enterprises are key to an economy’s productivity and highly competitive position.
International central securities depositories (ICSDs) are merging with domestic CSDs and have started providing credit and securities lending facilities. Central counterparties are expanding their services to all securities markets. •  A second trend is the struggle to be at the centre. The legal monopoly CSDs have traditionally had is no longer a guarantee that these institutions are "central".