Moreover, while euro area economies have different fiscal constraints, fiscal measures should be actively pursued in countries where fiscal space is available. Such measures should be aimed at growth-enhancing public investment. In this endeavour, further development of the euro area financial architecture plays an important role. We need to finalise the Banking Union and make true progress with the Capital Markets Union.
Moreover, sustainable finance will play a major role in the development of European capital markets. The European green bond market is the single largest green bond market in the world and the European Investment Bank is one of the largest multilateral providers of climate finance worldwide.