In this context, let me make the following three points: first, the main benefits of CMU, entail the development of risk capital and the creation of a market based risk-sharing mechanism across countries as well as the promotion of access to new sources of financing. Both these goals require a truly integrated European equity market which is of crucial importance in the CMU project.
Notably, an increased role for venture capital initiatives would depend on a mature equity market that could provide significant returns in successful IPOs, offsetting losses in failing risky projects. Second, these benefits of CMU will only materialise if the Commission strives towards a high level of integration with its CMU agenda.