Europe needs to tackle a home bias of banks
The nexus between states and lenders through bond holdings should be broken
The nexus between states and lenders through bond holdings should be broken

Tussles over what to put on euro banknotes are symbolic of deeper dysfunction

EU-issued bonds would attract long-term capital, reduce financing costs and unlock strategic autonomy

While problems with the financing source are emerging, the region needs to diversify from bank funding

Bookbuilding periods shrink to record low, helped by strong demand for continent’s stocks

Improving competitiveness and strengthening the single market are key

The continent needs a unified corporate framework open to companies of all sizes and sectors