We enjoy a successful track record of solid contributions to macroeconomic stability as evidenced by a lengthening record of relative monetary stability, balance of payments surplus, and meaningful economic growth.
Of course this is not the only benefit of completing capital markets union (CMU), which also include broader de-risking across European financial markets and economies, through increased cross-border risk sharing. A number of factors are required to create successful and well-functioning capital markets, which the objectives of the recent CMU action plan seeks to address:2 1.