In this context, efforts should be intensified toward the creation of a risk capital market for non-listed companies such as a market for venture capital funds and markets for infrastructure financing. MiFID II is an important step towards improving the functioning of EU trading venues and setting the stage for the development of SME capital markets.
Highlights: •  Innovation is the primary driver of long-run economic growth, and human capital is a key driver of innovation. •  New innovations recently have tended to increase the demand for skilled workers, leading to higher wages for them.