The US looks better now because the housing sector is recovering, it looks better because unemployment has started coming down in a serious way and it looks better because the banking sector is stronger, the automobile sector is recovering, and there is enormous change in the energy sector which is taking place extremely rapidly.
In an increasingly globalised economy, access and connectedness to global markets, and a lack of fragmentation is more efficient than multiple, closed capital market systems. 1/2  BIS central bankers' speeches  Of course, we must ensure that progress towards deeper integration of capital markets in Europe is accompanied by policies to ensure resilience in the financial system.