€470B/yr
Annual GDP loss from fragmentation
💰FRAGMENTED
What if Europe had a Single Capital Market?
€470Bin capital currently locked in fragmented national markets
Fragmented capital markets mean EU businesses face a 180 bps cost-of-capital premium vs. US competitors and a 3× gap in venture capital availability. A Capital Markets Union would unleash €470B in investment.
Status quo: 27 national policies
27
Regulatory regimes in parallel
+180 bps
Cost of capital premium vs. US
3× lower
VC investment per capita vs. US
€400B/yr
SME cross-border funding gap
Triple-Impact Breakdown
Based on Cecchini Report methodology, updated with current Eurostat data.
Direct Impact
€280B
Cross-Border Spillover
€140B
Federal Premium
€50B
Total Federal Gain
€470B
€470B = €280B + €140B + €50B