The problem is well-known. Europe needs higher productivity growth to support key priorities such as resilience, defense, green transition, and hence, macroeconomic stability. In her closing remarks at the symposi-um, Governor Signe Krogstrup emphasised that Europe faces a structural challenge: strong fundamentals are not translating into sufficient produc-tivity growth. Despite well educated populations, strong science and in-novation, and high levels of savings, too few firms scale in Europe, and too many relocate once they reach a certain stage.
A key takeaway from the symposium was that the issue is not only how much Europe invests, but where and how capital is allocated. Financial markets remain fragmented, equity markets are relatively shallow, and access to risk capital, particularly for startups and scaleups, is limited. At the same time, exit markets remain underdeveloped.
The discussions also pointed to a broader conclusion: improving access to finance alone is not sufficient. Europe needs to strengthen the ecosys-tem supporting firms throughout their lifecycle - from early-stage for-mation to growth and exit. This includes not only capital, but also pa-tience, knowledge, networks, and a culture that supports risk-taking while preserving financial stability.
Productivity growth underpins the economy’s ability to deliver on key priorities such as fiscal sustainability, the green transition and economic resilience. Moreover, the structure of the financial system affects how risks are shared across the economy and how savings are channeled into investment.
The symposium highlighted that Europe does not lack capital or potential. However, stronger integration of the internal market and more effec-tive allocation of capital are needed to ensure that this potential trans-lates into productive investment and economic growth.
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