What can the CMU do to stimulate the development of risk capital markets in Europe? Reforms to this end include reducing the tax advantage of debt, increasing financial literacy, enhancing pension savings and incentivising adequate equity investment by pension funds, and reorienting EU private investment programmes towards more equity investment in high-tech firms and sectors.
That said, we have not reached the end of the development of the Single Market. Instead, I see the euro as facilitating further economic integration. For example, countries with the same currency tend to trade more with each other than they would with countries with different currencies. In addition, a single currency fosters the formation of a single financial system.