For example, Jeffrey Frankel (2004) argues that there is no analytic rationale for the argument of the disappearing intermediate regime. The usual justification is the impossible trinity, but Frankel suggests that a variety of managed floats are fully consistent with the impossible trinity – that one can have half-stability and half-independence.
Hence, the capital markets union fosters cross-border private financial risk sharing. In the European Union, SMEs account for a share of over 90% in total businesses, which patently illustrates the potential of the capital markets union initiative to promote sustainable growth. Only 3,000 of the 20 million SMEs in Europe are listed on a stock exchange.