In the remainder of my speech, I would like to share my thoughts on ways in which the European economy could become even more dynamic. 4  BIS central bankers’ speeches  4.1  Capital markets union  Financial market fragmentation is certainly a hindrance to growth.
Building a capital markets union (CMU), which is one of the European Commission’s top priorities, is therefore a step forward towards a more prosperous Europe. A properly designed and implemented CMU can also deliver greater economic and financial stability. From the Bundesbank’s viewpoint, CMU should in particular aim at fostering European equity markets.