Cross-border financial integration has not yet exhausted the potential for bringing cross-border private risk-sharing up to the level we would like to see in EMU. Compared with the United States, where 60% of shocks to GDP growth can be mitigated through diversification via capital markets, only 20% of shocks to GDP growth are mitigated in the euro area.
[21] https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190907~81df41228e.en.html  2/4  9/9/2019  Growth and competitiveness in the euro area   European capital markets are currently small and fragmented. Policies that foster innovation and market size and that remove cross-border barriers will help develop more vibrant European financial markets and intermediaries that are able to compete internationally.