MNI BRIEF: EU Needs CMU For Defence Ramp Up -Panetta

The European Union should urgently conclude the construction of its Capital Market Union in order to facilitate investments in areas like defence and the green and digital transition, Bank of Italy Governor Fabio Panetta said in an event in Rome organised by the BOI and the European Investment Bank. (See MNI INTERVIEW: France Ready To Join SAFE Loan Facility)

“Public investment alone won’t be enough”, Panetta said, noting that these challenges require a degree of innovation that public investment is not always able to unlock.

European and U.S. public investment in research and development are similar but Europe spends in a less efficient way, Panetta said.