This will indeed require national efforts, but more is needed: an integrated European-wide capital market, with harmonised and SMEfriendly rules. In other words, a CMU. The second question is: can we consider a European CMU a realistic project? This time my answer is much more doubtful.
The idea for a CMU was first put forward by the President of the European Commission before the European Parliament in July 2014 (Juncker, 2014), in very ambitious language. Last September the Commission presented an action plan to transform that enlightened vision into reality (EC, 2015). From one document to the other the degree of ambition was apparently scaled down.