A year ago, the European Commission set out its plan to build a single market for capital in Europe, a capital markets union. It was part of a much broader agenda of more trade, more competition and choice; the agenda of a commission determined to put growth and jobs first.
Our goal was to build deeper capital markets to provide better returns for savers and investors. It was to increase the funding available for businesses, and support long-term investment in the infrastructure that is the backbone of our economy. We knew that if capital markets could genuinely complement our banking system, our financial system would be safer.
