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Europe Needs a New Kind of Union

Europe needs to channel non-bank funding to businesses and infrastructure to revive its ailing economies, says Huw van Steenis, Morgan Stanley’s Head of European Financial Services.

The financial crisis exposed the structural flaws in Europe’s financial system. The problem in part is an over-reliance on bank lending. New ways to channel non-bank finance to businesses and infrastructure projects are needed, and they will require some significant changes to Europe’s market plumbing, as well as policy-makers' approach to markets. Allowing investors to help finance Europe’s growth directly could be transformational in fuelling Europe’s recovery.

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