Overview

Building connected capital markets will reduce the over-reliance of European firms on bank lending at a time when the banking sector is still fragile in many countries. Diversifying both the domestic and cross-border sources of financing will lead to efficiency gains and help companies to expand, while allowing for a better sharing of risk among investors. Bank lending could be complemented by alternative financing, including securitisation, covered bonds venture capital and private placements. The EU Single Market remains far from completed and the progress in goods and services markets integration has been limited since the crisis. The digital economy is developing quickly, but its full cross-border potential remains unrealised. EU energy markets require substantial investment in trans-European infrastructure, both to improve interconnection and to achieve targets for renewable energy production. Further harmonisation of regulations and technical standards in transport markets would sharpen competition and significantly raise income. Barriers to intra-EU labour mobility, including recognition of professional qualifications and supplementary pension portability, remain significant and need to be reduced. Labour market requirements for non-EU migrants should be further standardised. The inflow of refugees is a major and pressing challenge that must be met collectively by the EU countries. A coordinated and comprehensive response is crucial to ensure effective provision of international protection, sharing of costs and successful integration of refugees.

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