From John Authers(FT) see the evolution since 2000 of the ratio of of an European stock index to an US one, in common currency. Exchange rate variations influence it but the huge relative decline since the crisis, should make us think about possible explanations... 1/5 
A first explanation is the relative speed of the recovery in US/EU, with a regretable and avoidable douple dip in the EU. Aggregate demand policy was wrong in the EU. A second factor: stock increases in US are related with big tech firms that do not exist in the EU. Why?... 2/5
All the fans of the post hoc fallacy will blame the euro.. But seriously, there are many causes for no European big tech in the world´s first 20 (11 US, 9 Chinese). SIze of the market helps. In Europe no real single market but national champions...3/5
Smaller Universities with no good links with the industry. No capital markets deep enough to properly reward risky capital ventures. Capital Markets Union is made possible by the euro but it is not taken seriously by European bodies See my speech 4/5 ecb.europa.eu/press/key/date…
The 13 EU COMM proposals are marginal to the CMU core and only 2 have yet been approved. As I said: " It is a big waste to have taken the huge step to adopt a single currency and continue to forgo the benefits that could be reaped by creating a true .. capital markets union" 5/5
