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Euronext has connected Europe’s exchanges across borders. Now comes the harder challenge: can European capital markets help turn the continent’s vast savings into the long-term investment needed for technology, energy, defence and industrial renewal?
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.
