In my view, that is an important thing to know about the inner nature of capital markets, but it is certainly not all there is to know. My short intervention today will therefore address a different question: what can capital markets deliver? Given the current discussions about a European capital markets union, it seems that we expect quite a lot from capital markets.
Let’s take a closer look and discuss whether these expectations are justified. 2. Diversification – strengthening capital markets  In essence, the European capital markets union has two objectives. The first objective is to increase the share of capital markets in the funding mix of the real economy. The second objective is to integrate capital markets more closely across borders.