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Europe is beginning to build the funds its scale-ups need. But growth capital is only a bridge. Without sufficient liquidity, specialist investors and a credible European exit market, its most successful technology companies may still gravitate towards New York.
Europe’s financial architecture does not end with its European institutions. National supervisors and central banks remain essential because integration depends not on eliminating local authority, but on connecting it coherently with the European level.
Europe wants deeper capital markets, but its banking layer remains indispensable. The EBA’s role is to keep that layer coherent across the Single Market — strong enough to absorb shocks, flexible enough to support growth, and connected enough to work with capital markets.
As Europe’s capital markets become more connected, supervision remains largely national. ESMA is emerging as the institution best placed to guard that interface — protecting market integrity without becoming the operator or owner of the system.
Europe created a single currency, but not yet a single financial economy. Its exchanges reveal sophisticated but fragmented strengths. The next European project may therefore be neither one exchange nor one financial centre, but a connected European capital architecture.
