The Capital Markets Union aims at connecting saving more effectively to investment by funding projects in a  6  BIS central bankers’ speeches  transparent and ordered way. In this way, it could contribute to growth by providing alternatives to traditional bank intermediation for savers and investors.
In pursuit of growth, Europe needs a financial system that is able to meet the financing needs of all economic entities (businesses and households) at different stages in their development. 6. A sixth challenge is one that the SSM has identified as a top priority for its supervisory action plan for 2016 – namely, banks’ business model and profitability.