A Capital Markets Union is the key to a greener Europe by Christian Sewing & Werner Hoyer

In the absence of a genuine union of capital and banking markets, the European Union will not be able to mobilize the financing necessary to support its green and digital transformation. Europeans must once again turn a crisis into an impetus for deeper integration.

BRUSSELS – Jean Monnet, architect of the European Union, formerly noted that European unity “will be forged in crises, and will be the sum of the solutions adopted for these crises”. The last decade and a half has provided further confirmation of Monnet’s prediction. Contrary to the predictions of many leading economists, the EU’s Economic and Monetary Union survived the euro debt crisis and is still doing well, thanks to the European Stability Mechanism. The Juncker Plan helped put Europe’s economy back on track and Brexit, far from breaking up the EU, brought it closer together.

The EU is once again proving its worth in the COVID-19 pandemic. The exceptional researchers at BioNTech developed a cutting-edge vaccine in record time, and the joint purchases allowed the vaccines to be distributed fairly and efficiently (despite some initial difficulties), ensuring relatively high vaccination rates in many Member States. of the EU. The recovery plan and the European Guarantee Fund now help economically weaker states and regions to cope with the consequences of the pandemic.

Since 2000, the EU has repeatedly demonstrated its ability to provide solutions and show solidarity. But the endless search for quick solutions to acute crises has a major drawback: the completion of the European single market has fallen to the bottom of the political agenda. These EU-level issues played no role in Germany’s election campaign this year, even though a stronger single market is crucial to deal with increased economic competition from the US and China.

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