Not just that: it could also boost the stability of European monetary union. Integrated capital markets foster private risk sharing, which is a far more important shock absorber than public risk sharing. Since equity has a much greater capacity to absorb shocks than debt, fostering equity markets should be the particular aim of the capital markets union. 5. Conclusion  Let me conclude.
During my speech I pointed out several pivotal decisions that lie ahead for Europe. In the next week, we face the challenge that the next step in the EU’s history may well be not one of union, but one of separation.