The objectives of Capital Markets Unions are to •develop a more diversified financial system complementing bank financing with deep and developed capital markets •unlock the capital around Europe which is currently frozen and put it to work for the economy, giving savers more investment choices and offering businesses a greater choice of funding at lower costs •establish a genuine single capital market in the EU where investors are able to invest their funds without hindrance across borders and businesses can raise the required funds from a diverse range of sources, irrespective of their location See https://ec.europa.eu/info/business-economy-euro/growth-and-investment/capital-markets-union/capitalmarkets-union-action-plan_en for further detail.
43 See https://www.ft.com/content/88b10240-0869-11e8-9650-9c0ad2d7c5b5 44 JP Morgan Annual Report 2017 (page 50) 45 See Derville Rowland “Innovation and technology in financial services: a regulatory perspective” 46 OECD (2018), OECD Economic Outlook, Volume 2018 Issue 1: Preliminary version, OECD Publishing, Paris  14