TLDR
Key Points:
- Former PM of Italy, Enrico Letta, has released a report on how to improve the EU single market, emphasizing the need for a clear strategy to bolster private equity and venture capital.
- The document, titled “Much More Than a Market,” highlights the lack of integration within financial services and other sectors, urging the EU to compete with global advancements.
In the 147-page report, Letta stresses the importance of allowing EU companies to scale up within the Single Market as both an economic and strategic imperative. He points out that the lack of integration and support in financial services is compelling some businesses to relocate outside the EU. Letta emphasizes the urgent need for the EU to compete with countries like the US and China by simplifying regulations and improving the environment for private capital.
The report specifically calls for a clear strategy to bolster private equity and venture capital, as well as the creation of an EU Deep Tech Stock Exchange. Letta also highlights the challenges related to tax fragmentation within the EU and proposes simplifying existing complexities while reducing internal fiscal competition. He calls on the European Commission to draft a comprehensive Single Market Strategy to break down barriers, promote consolidation, and enhance competitiveness.
While the report does not address Fintech innovations, it underscores the need for the EU to keep pace with global advancements. Letta’s recommendations aim to strengthen the EU single market and monetary union to support businesses and promote growth in the region.
