国际货币基金组织：深化和更加一体化的金融市场，以促进欧洲的增长和韧性（英文版）

Persistent fragmentation and limited depth in European Union (EU) financial markets constrain firm growth, innovation, and cross-country risk sharing. This IMF Staff Discussion Note documents policyinduced barriers that impede cross-border bank lending and suppress the scale of venture capital, alongside broader real-sector frictions that restrict the amount of investable projects. Obstacles examined in the Note include heterogeneity in banking regulation and safety nets (notably deposit insu