From the banking union to the capital markets union For the banking sector, this triad has been understood and implemented to a large extent, although some work still remains to be done. The banking union with the Single Supervisory Mechanism at the ECB is a milestone in the history of European integration.
The productivity boom after the Civil War resulted from a variety of technological advances, including the expansion of and improvements in the use of steam power, railroad transportation, and communication by telegraph. By lowering the cost of transportation, railroad expansion allowed firms to take advantage of economies of scale in production and distribution.