Opinion and Discussion Group on Political Economy

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Policy Brief (eng)


19.- The Capital Markets Union in light of Next Generation EU

In the comparative analysis of financial systems, there is a widely held theory that the European (and, in particular, the Spanish) system displays a clear predominance of bank intermediation as the primary mechanism for financing economic activity, compared to the Anglo-Saxon (and, in particular, the US) model, in which capital markets play a far greater role in such financing.Based on this insight, the European institutional framework is clearly in favour of diversifying the sources of business finance, to reduce the excessive banking bias that currently prevails, especially in the eurozone. Along the same lines, many commentators are absolutely convinced that the different configuration of financing in the United States is one of the reasons for the country’s greater business dynamism and innovative mindset compared to Europe. This is obviously not the only reason, with the lower rate of entrepreneurship in Europe being another key factor.
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