In other words, progress towards a true capital markets union can both support the funding of investments, thereby helping overcome the current lack of capital accumulation, and, at the same time, foster the use and distribution of new financial technologies that may themselves become a source of growth.30  11 / 16  BIS central bankers' speeches  Using EU funds to foster convergence The third area where Europe can help is arguably the most contentious one.
One was that the capital rules were tightened. This is an appropriate step, since capital is still the most complete buffer a bank can hold to cover losses. For globally systemically important banks, we even went a step further. These banks now have to hold additional loss-absorbing instruments above and beyond capital.