Furthermore, as I mentioned earlier, national insolvency frameworks are often designed with other public goals in mind as well. Yet if we really want a CMU, we need to take action in these fields. This could be done by focusing on harmonization or minimum standards of specific elements, for instance the length of procedures.
4 The contribution of the financial sector to household risk management and business investment, as well as the significant contribution of financial-sector development to economic growth, has been documented in many studies. 5 Such research shows that, across countries and over time, financial development, up to a point, has disproportionately benefited the poor and served to alleviate economic inequality.