Increasing the share of capital markets  BIS central bankers’ speeches  3  and integrating them across borders would therefore help improve risk sharing in Europe and reduce the volatility of consumption. To be sure, the argument for a capital markets union is straightforward, but implementation will be much less so. The capital markets union is a complex undertaking affecting many different areas.
On August 17, the FOMC issued a statement noting that financial market conditions had deteriorated and that tighter credit conditions and increased uncertainty had the potential to dampen economic growth.