ECB President Supports Merz-Backed Pan-European Stock Exchange

Published 10 hours ago

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Above: European Central Bank President Christine Lagarde at the Frankfurt Finance & Future Summit in Frankfurt, Germany, on Oct. 22, 2025. Image copyright: Alex Kraus/Bloomberg/Getty Images

The Spin

Narrative A

As challenges concerning climate, population and global stability come to the fore, Europe stands at a crossroads between autonomy and vassalage. If the continent wishes to choose the former, it must create its own unified capital market. Only through a European Stock Exchange can Europe offer the capital and finance needed to compete with the U.S. and Asia.

European Central Bank Deutscher Bundestag

Narrative B

The concern about Europe’s stock markets is overblown, as is the belief that a single exchange will solve the continent’s real problems. Europe’s complex structure operates well, with its sophisticated systems capable of handling seamless trading despite multiple venues. The real issues are a lack of pension fund capital and its savings culture, not Europe’s market structure.

Financial Times