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Capital markets union a la Willie Sutton

A genuine source of funding is needed for Europe’s capital markets union

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The vision behind the capital markets union deserves praise. Never again should European Union corporates be reliant solely on bank finance and experience a credit crunch, as they did during the financial crisis. The instruments to achieve this are, however, less clear. As often in EU politics, the capital markets union also represents a possibility to push any proposal, even if it is only remotely connected to the objective. In addition, there is the usual EU focus on institution-building as a

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