Thank you to Veronika Bondarenko, @cdgeiser.bsky.social, @james-r-green.bsky.social, Vasco Pereira da Silva, @marleneschoerner.bsky.social and Mindaugas Valiulis for speaking at the launch of 'How to revive Europe's stock market listings' in Brussels yesterday.

3) Build a stronger pipeline of firms ready to list in Europe. That means strengthening the single market and access to capital. Only 16 per cent of European companies listing in Europe had received PE or VC funding, whereas over 65 per cent of companies in the US were PE-or VC-backed. 7/8

2) lower barriers to market-driven integration of stock markets, including in securities and tax law, and fragmented clearing and settlement infrastructure. By reducing fragmentation, consolidation can follow - improving market liquidity and efficiency. The EU's MISP proposal would help. 6/8

To respond, EU and national policy-makers should focus on three areas: 1) Put savings to work. Shifting more household wealth into equities through pension reform and retail investment would deepen capital pools. Countries like Denmark and Sweden show that this is possible. 5/8

One of our main findings is that Europe’s companies are going public at too small a size. Only 12 per cent of European companies listing between 2014-2025 reached a market capitalisation of €1 billion at the time of listing compared to over 29 per cent of US-based companies. 4/8

In a new study with @cdgeiser.bsky.social and @marleneschoerner.bsky.social we lay out how Europe could revive its stock market listings. We dive into why IPOs and public equity markets matter for Europe, the challenges holding European markets back and comprehensive policy recommendations. 3/8

IPOs are when a private company sells its share to the public for the first time, offering companies an opportunity to raise funds, and investors a chance to cash out. But while the US has seen prominent listings, like SpaceX, Europe has produced few comparable IPOs. 2/8

Competitiveness, sovereignty, innovation. I reckon we'll hear these words just a few times during Thursday's SOTEU. But how does Europe achieve them? Public equity markets can play an important role - funding European bets on new technologies and scale. Yet Europe is falling behind. 1/8 🧵

Do you care about Europe’s innovation ecosystem and its financial markets? If yes, come join us in Brussels next week to hear more about how to revive Europe’s stock market listings!