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When Klarna chose New York over Europe for its stock market listing, it highlighted a challenge Brussels has been trying to solve for years: Europe’s fastest-growing companies often look across the Atlantic for deeper pools of capital.
As the EU seeks to build its own AI champions, strengthen its defence industry and keep more high-growth companies raising money at home, one question remains: why does a bloc with €37tn in household savings still struggle to finance its own fastest-growing businesses?
Now the European Union has stepped up efforts to reform its capital markets, aiming to make capital flow more freely across the bloc.
Policymakers are pursuing incremental reforms, including greater supervisory alignment, but a fully unified capital market is likely to take many years, as member states struggle to agree on key technical details, slowing the process.
The current speed of negotiations does not reflect the urgency being expressed by the EU’s political leadership: Europe needs more integrated capital markets to compete globally with major powers such as the US and China.
To do so, billions need to be invested in strategic sectors such as AI and defence, amid intense geopolitical uncertainty, including wars and trade tensions.
Lacking strategic industrial and technological leadership means sacrificing geopolitical power and economic resilience, especially in a global landscape where dominance, or even survival, depends on control over resources and expertise.
This narrative has been championed by leading EU politicians, including European Commission President Ursula von der Leyen, whose goal of making Europe more competitive on the global stage has become the North Star of her political mandate.
For this reason, von der Leyen tasked former European Central Bank President and Italian Prime Minister Mario Draghi with preparing a report on EU competitiveness, which identified capital markets reform as one of its central recommendations.
Presented in autumn 2024, the report says Europe needs €750bn-€800bn in investment each year, equivalent to up to 5% of GDP, to fulfil its competitiveness goals and remain globally competitive.
“It’s ‘Do this,’ or it’s a slow agony,” Draghi warned in one of his best-known remarks. Draghi describes this “agony” as a prolonged and cumulative erosion of Europe’s economic position, driven by structural weaknesses such as high energy costs and a fragmented single market, which together make the continent less conducive to investment and innovation.
The EU is focusing on two priorities to unlock the potential of its capital markets.
The first is convincing households to invest, mobilising a small percentage of the estimated €37tn in savings. The second is integrating national financial markets across the EU to reduce barriers within the single market, making it easier for businesses to raise funding and for investors to put their money to work.
For this to happen, households need better access to capital markets, along with a better understanding of how to invest and the potential benefits involved. For example, greater participation in financial markets can help individuals build their retirement savings.
At the same time, Brussels must advance the legislative framework — known as the Savings and Investments Union (SIU) — to enable these reforms to take place.
Capital markets are marketplaces where individuals, institutions and governments buy and sell long-term financial instruments, such as equities or debt.
They offer businesses a way to raise funds and support their growth. However, scaling up in Europe remains challenging. Cross-border operations can be costly, time-consuming and involve significant administrative burdens. This is because rules differ between member states, and even where they are the same, their implementation may differ.
These are among the reasons why firms in Europe obtain most of their financing through bank credit.
“What we need to develop is a more diversified funding source,” the head of the European Securities and Markets Authority (ESMA), Verena Ross, told Euronews in an exclusive interview with Euronews Business editor Angela Barnes.
Without enough diversification, businesses look for other markets where funding is more readily available, such as the US.
“The US capital market benefits from a more consolidated supervisory approach. There are fewer layers of bureaucracy and red tape because the US uses a single currency,” Rebecca Christie, senior fellow at Brussels-based think tank Bruegel, told Euronews.
Christie also said the US benefits from having a long-established federal system and from the dollar’s status as the world’s dominant reserve currency, both of which reduce barriers and increase its attractiveness.
“Anybody who needs financing has an incentive to go to US markets because that’s where the money is,” she said.
A less fragmented European capital market would have far-reaching implications, including making more capital available for strategic investments and strengthening the euro’s international role as a global currency — another major ambition of the current EU leadership amid the dollar’s declining role.
“We live in a global world and, particularly, capital markets are global by their nature. We also need to be attractive to overseas investors, whether they are American, Asian or from wherever they come, and make sure that Europe is a destination for that investment capital,” Ross told Euronews.
Despite broad agreement that capital markets need greater integration, there is still strong disagreement over how to make it happen.
The capital markets union legislation forms part of the Savings and Investments Union (SIU), a package of legislative proposals currently under negotiation.
One of the key pieces of legislation aimed at harmonising capital markets is the Market Integration and Supervision Package, known as MISP.
Despite the intensification of talks on MISP in recent months, member states have yet to reach a common position, particularly on how to harmonise capital markets supervision.
Last spring, the six largest European economies — Germany, France, Spain, Italy, Poland and the Netherlands — made a proposal setting out how to centralise supervisory powers.
In particular, they propose transferring some supervisory powers to ESMA, but there is no consensus on whether to proceed, an EU diplomat told Euronews on condition of anonymity. Even among those who agree, there are differing views on how and over what timeframe this should be implemented.
“The problem with the integration of capital markets is not even a political one; it is more a national issue,” Aurore Lalucq, chair of the European Parliament’s Committee on Economic and Monetary Affairs, who played an important role in the legislation, told Euronews.
“I think there will be progress in supervision, but there are a lot of details that will be tough to negotiate due to very different perspectives,” Lalucq added, referring to the fact that member states have very different capital market cultures.
Klarna’s decision to look across the Atlantic for deeper capital markets illustrates the challenge Europe faces. While there is broad agreement that the bloc needs to mobilise more private investment, national interests continue to slow progress towards a truly unified capital market.
MILLIONS of families will be able to enjoy discount meals and days out this summer, the Chancellor announced today.
From June 25 to September 1 the Government is temporarily cutting the VAT on attractions and children’s meals in restaurants from 20% to just 5%.
The cut will apply to theme parks, zoos, museums, soft play, fairs and even cinema tickets.
The full list of businesses participating has not yet been announced but several major firms including Merlin Entertainments and Odeon Cinema have confirmed they will be taking part.
If a business chooses to pass on the full benefit then the total saving for a family of two adults and two children could be:
Read more on free days out
The Government said it expects qualifying businesses to pass these savings on to families by lowering the prices people pay on eligible children’s meals and tickets.
As a result, the VAT cut will be directly reflected at the till.
It added that passing on the full saving should help businesses attract more customers over the summer, which could increase footfall and support local economies.
The reduced rate will apply in England, Wales, Scotland and Northern Ireland.
The plans are part of a package to help households with the cost of living.
Meanwhile, throughout August all children aged between five and 15 in England will be able to travel for free on any local bus service.
Among the attractions taking part are Alton Towers, Legoland Windsor, Warwick Castle and Cadbury World.
Fiona Eastwood, chief executive officer of Merlin Entertainments, said: “Merlin will be applying this VAT cut to both admission tickets and children’s meals, adding more value to days out and short breaks at our 20 UK attractions.”
Meanwhile, Mark Way, president AMC Europe & managing director at Odeon Cinema Groups, said: “We’re excited that our guests will be able to enjoy the big screen for less over this blockbuster summer.”
The following activities and meals will benefit from the VAT cut:
The reduced rate applies to admission tickets, including adults, for:
But there are several attractions and popular activities that will not be included in the scheme. They include:
PLANNING a holiday, staycation or day out should be exciting but eye-watering prices can turn it into a wallet-draining nightmare.
But you don’t have to pay full whack. From dirt-cheap flights to cut-price hotels and bargain days out, there are loads of easy ways to cut the costs.
Whether you’re chasing a last-minute break, a cheap stay or discounted tickets, here’s how to do it for less and keep more cash in your pocket.
Secret Flying
The Secret Flying website hunts out super-cheap deals and “error fares” – bargain flights caused by pricing glitches – and links you straight to booking sites like Skyscanner.
It’s free to use and lists offers by region, but you’ll need to be flexible on dates and destinations to bag the best ones.
The biggest bargains sell out fast, so it’s worth signing up for alerts to stay one step ahead.
Holiday Hypermarket
Holiday Hypermarket is owned by the TUI group and is the discount website for TUI holidays where they guarantee that you won’t find a TUI, Marella or Crystal holiday cheaper anywhere else.
With up to 70 per cent off brochure prices, they sell a lot of last minute breaks – but with the same TUI flights, hotels and transfers.
Luxury Escapes
A website that offers high end holidays at affordable prices is Luxury Escapes.
They negotiate directly with hotels to get good deals on holiday bundles, including flights, accommodation and extras like free cocktails, massages and childcare.
Hostelworld
If you’re looking for something cheap and cheerful and don’t mind bunking up with other people then Hostelworld is a useful tool.
It will help you to search for hostels in the destination you’re heading to and compare prices.
It can also find hostels with private rooms too if you don’t want to share.
Cashback sites
While it might not save you money on you’re current holiday – it could save you some cash on the next one.
At Quidco you can get at as much as 3.75 per cent on an EasyJet holiday (which works out at as £11 back on a £300 trip)
Or there is hotels.com, which gives you seven per cent cashback (£14 if you book a hotel for two nights at £200).
Other brands include TUI, British Airways, Trainline and Skyscanner. so it is worth checking if you can claim anything before you book.
02 Priority
If your phone contract is with O2, then you really should download Priority.
In addition to entering competitions to win holidays, you can often get discounts on holiday packages, concerts, and events.
For example, you can get four tickets to Vue cinemas for £18 or two for £9.
Or save £220 when you spend £2,000 with lastminute.com.
MiXR.
The MiXR. app shows local pubs, clubs and bars where you can reserve a table and pre-book food or drink packages.
But it can also get you savings.
Each time you spend money on your linked card at a partnered bar or pub, you’ll get points.
Get to 5,000 points and you’ll have a £5 voucher (each £1 you spend you get 50 points).
There are also offers on the app including 25 per cent off Camden Hells beer.
Dusk
Dusk dubs itself ‘the free drink app’ and it isn’t lying.
The app shows you which bars and pubs in your area have deals on and the exact route to get there.
If you scroll, you’ll find specific venues have a sticker on them offering a free drink.
For example, it could say ‘free espresso martinis on Monday at 3pm’, which means you can get that drink for free if you visit that specific venue at the given time.
Some of the venues are marked with yellow stars which means you can earn points too.
Once you’ve collected a number of points you can exchange for drinks.
For example, 200 points gets you a free bottle of prosecco at Be At One, 500 points can get you 50 per cent off at Karaoke Room and so on.
You can use Dusk in a number of cities across the UK including London, Manchester, Birmingham, Liverpool, Brighton, Leeds, Newcastle, Nottingham, Cambridge, Oxford, Cardiff, Sheffield, Bath, Exeter, Norwich, Bournemouth, Hull and York.
Eat Club
Having only launched in the UK last year, Eat Club is now available in London and Manchester.
The app shows you nearby restaurants that have spare tables, great for last-minute plans.
You can also get great discounts, such as up to 50 per cent off of your bill.
Too Good To Go
Too Good To Go is an app that prevents food waste by selling off items leftover at the end of the day.
The app is partnered with a number of brands including Greggs and Pizza Express.
If you jump onto the app and use the map function, you will find stores near you that have bags of food to sell for a few quid before the end of the day.
Having used the app numerous times, I usually pay around £3.50 for a bag that contains over £20 worth of food.
I have even used it in New York, when finding a budget lunch option seemed impossible.
Unidays
If you are a student or recent graduate, you should sign up to an account with Unidays.
It is free to joing, you’ll just need your student email and then you can make savings such as getting two Cineworld tickets for £13 and 30 per cent off Hilton hotel stays.
Student Beans
Similar to the above, Student Beans is a discount app for anyone studying. With a student email you can benefit from discounts such as 25 per cent off of National Express travel and 10 per cent off of Ryanair flights.
Cheapskate London
Cheapskate London is a free newsletter released each Monday that shares the best free and cheap things to do across the capital.
It’s a really useful tool for the school holidays too.
Previous free events include educational talks, family activity sessions at museums, and even building your own wormery.
Accor
If you subscribe to the Accor newsletter, you will typically get 10 per cent off hotel stays.
You’ll also get exclusive offers and personalised deals.
Nectar
If you shop at Sainsbury’s and don’t have a Nectar account then you’re really missing out.
When you do your weekly food shop, you’ll rack up points which you can then use on your holiday.
For example, you can spend your points on Eurostar journeys, British Airways flights and more.
Avios
Avios are loyalty points that you can collect and use mainly with British Airways for flights, hotels and upgrades.
You can earn them by flying with British Airways or its partners, as long as you have an account.
If you build up enough points, you can purchase flights and pay only a small cash fee for admin such as tax and fees.
Marriott Bonvoy
Marriott Bonvoy’s hotel loyalty programme is free to join and covers around 10,000 destinations across the globe.
Members earn points with each stay and then the points can be redeemed on free nights at Marriott Bonvoy hotels.
Hilton Honors
Hilton Honors is free to join, and much like Marriott Bonvoy, is the hotel’s loyalty programme.
Members earn points on stays and everyday activities which can then be redeemed on free stays and experiences as well.
Members tend to get 10 points per £1 spent.
The Nudge
Costing just £5 per month The Nudge is an insider’s guide to London and often reports on the latest openings in the capital.
The discounts are easy to find on the app and include deals like 40 per cent off at Greek seafood restaurant Kimu in Marylebone or 50 per cent off food at The Culpeper in Spitalfields.
There are also discounts on events such as 50 per cent off of tickets to Burger Fest in Richmond and even pampering treatments like £50 off facials at Skinwork in Soho or 40 per cent off access to Lowlu open-air sauna in Kentish Town.
The Nudge will also run member events such as exclusive supper clubs.
Blue Light
If you work in the NHS or the emergency services, you probably already know about Blue Light.
Blue Light, which costs £4.99 for a two-year membership, gets you discounts at major brands, restaurants and entertainment venues as well as £100 off your TUI holiday or 15 per cent off Away Resorts.
You can even get a discount on airport parking, such as five per cent at London Gatwick.
Railcard
Railcards aren’t just for youngsters, there are all sorts of railcards you can get.
In general, they will get you a third off most rail fares and cost between £30 and £35 each year.
Different railcards include 16-25-year-olds, 26-30-year-olds, Senior (over 60 years old) and Disabled Persons.
There’s also a Family and Friends Railcard which gets adults a third off their rail fare and then 60 per cent off kids’ rail fares if they are aged between five and 15 years old.
Trusted Housesitters
Accommodation costs can bump up the total cost of your holiday, but there is a way around this.
With Trusted Housesitters, you can head to someone’s home and stay there while they are away and all you need to do is look after their pet.
It operates in 180 countries and essentially is a win-win system as the person going away needs a pet sitter and you want somewhere to stay.
Members pay an annual fee to use the platform, which range from £99 to £199.
Dis-loyalty
Dis-loyalty is a travel and food membership that costs £12 a month to join.
In return, you’ll earn points and get discounts on hotel stays, such as 50 per cent off newly opened hotels.
You can also grab a free hot drink each day at one of the membership’s participating locations.
Days Out with the Kids
Days Out with the Kids is the perfect site if you are looking for inspiration during the weekends or school holidays.
The website is partnered with over 8,500 attractions across the UK, and offers members access to exclusive discounts.
The membership costs £4.99 per month, but according to the website, it saves families an average of £12.99 per trip.
Hols from £9.50
If you want to head to a holiday park in the UK or Europe, The Sun’s Hols from £9.50 has over 20 holiday parks to choose from.
To benefit from the £9.50 deal, you have to collect five codewords printed in the paper over a set period of time and enter them on the Sun Holidays website.
Alternatively, to avoid needing a passcode you can join Sun Club for £1.99.
For more offers on holidays travel companies have revealed the cheapest places to book – with week-long holidays from £189.
Plus, here are 200 all-inclusive hotels including the cheap ones that are actually worth it.
