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European stock markets remain technically efficient, yet their societal purpose grows uncertain. As AI reshapes valuation and abstraction distances markets from everyday reality, Europe faces a deeper question: do financial systems still create value or merely calculate it?
For years, financial markets have presented themselves as transparent mechanisms. Prices move, analysts explain, quarterly results confirm or disappoint. Risk is assessed, information is absorbed and capital responds. At least, that is the theory.
For generations, financial markets were understood as expressions of human judgement. Prices moved because investors expected growth or feared decline. Volatility reflected uncertainty. Even panic had a psychology. Markets were imperfect, emotional and sometimes irrational — but they were intelligible. Movement implied intention. Today, that connection is weakening.
