While the Single Market Act of 2011 set out to harmonise venture capital regulations and to create a more integrated market, many areas relevant to venture capital funds, such as investor protection and insolvency law, remain fragmented. This issue needs to be resolved – and it would come without imposing a financial burden on European countries.
To the extent that a prolonged moderation in economic growth is structural and not cyclical, these challenges are most effectively addressed by measures which are geared towards reducing  4  BIS central bankers’ speeches  an economy’s rigidities, such as facilitating a fair price formation process and clarifying the long-term outlook for potential investors.