In my view, the various motivations for a capital markets union can be summarised under two main objectives: On the one hand, we need to find ways to generate growth. In a way, the euro area economy is like a plane flying on only one engine: bank financing.
It was because the Fed continued to receive constant feedback from the economy indicating that rises in prices and wages remained moderate. None of this means that the US economy is somehow entirely freed from all the constraints it has experienced in the past; only that, to date, inflation performance has been a bit better than they expected.