Therefore, the objective of the European capital markets union is not to abandon bank-based financing but to supplement it with capital markets-based funding. And in Europe there is plenty of scope to do so. The European stock market is only 60% the size of its US counterpart when measured in relation to GDP.
“NAFTA’s and CUSFTA’s Impact on International Trade.” Review of Economics and Statistics 89 (3): 416–435. Simon, J., T. Matheson and D. Sandri. 2013. “The Dog That Didn’t Bark: Has Inflation Been Muzzled or Was it Just Sleeping?” In World Economic Outlook, Chapter 3. Washington, D.C.: International Monetary Fund. Stratford, K. 2015.