La frammentazione dei mercati dei capitali in Europa rispetto agli Stati Uniti – L’UE spinge per un’Unione dei mercati dei capitali come priorità per il 2026

The Capital Markets Union will turn Europe’s massive savings (more than the US) into growth, resilience and power instead of shipping that money overseas to the US every year. Without it, Europe remains structurally weaker than the US. 

With it: 

– Companies can finally raise money via bonds, shares and venture capital
– Startups and scale-ups aren’t strangled and won’t move overseas
– Economic shocks hurt less because financing sources are diversified
– Savings from rich regions can fund growth elsewhere in Europe instead of funding growth in the US
– Interest rates for companies fall
– The euro becomes more attractive as global investment currency
– Reliance on US financial markets will be eliminated
– Europe gets major leverage in geopolitics and crises
– Less moral hazard, fewer sovereign debt spirals
– For citizens, much better European investment options, higher long term returns than banks, better pension funding
– Etc. etc.

A Capital Markets Union is a no-brainer. It’s inevitable. 

It’s sorely needed.

I read somewhere that the main obstacle to integrating markets in Europe is determining which country gets to collect taxes from such a center operating on its soil, and how losses will be compensated for the other nations.

Friendly reminder – the lack of capitals market union is not a problem. The problem is EU treating everyone like a child by their absurd UCITS regulations. Also EU has no growth comapnies so most of the european’s money will move to the US anyway.

The core EU (including the six largest economies) will move ahead with the Capital Market Union. That is already a great step forward. Others can always join later.

We’re heading the other direction. The TXSE is opening this year in Texas to rival the NYSE and NASDAQ.

Technology pretty makes the geographical distribution irrelevant. And they missed out Edinburgh…

Make it London contingent on Brenter

Finally

Miami (MIAX), all resource futures exchanges, and a few minor ones (like NYSE Texas) are missing. TXSE will open soon in Dallas. The focus in stock exchanges also missing out that, factually, there are other massive financial hubs in the US, that serve specific industries, but have no direct equivalent in Europe: SF Bay+LA for Venture Capital, Houston for oil investment etc.

The map also makes it look like everything in the US is centered in one location, but actually these exchanges at the east coast are located in, at least, New York, Boston, Jersey City and Philadelphia, spanning multiple states equivalent in GDP and population size to several EU countries.

The de facto duopoly of Euronext and Frankfurt, plus 2-3 additional relevant minor exchanges (eg Madrid, Milan, Nasdaq OMX), is actually similarly centralized, as the US, that has the duopoly of NYSE and NASDAQ in NYC + Cboe in Chicago + a few auxilliary relevant locations, like Boston and Miami.

The difference to EU is that SEC+FCC regulation shared by all these locations. We can unify regulation without placing everything in Paris and Frankfurt or wherever, and thus murder other European financial job markets.

This map, fundamentally, has no meaning for the discussion of an EU common financial market. I’d even argue that it is harmful, because it pitches countries into competing for stock market locations. Nice propaganda to make Europe look currently bad to push for reforms, though.