European Commission President Ursula von der Leyen promoted on Wednesday the idea of simplifying the European Union's capital market to reduce fragmentation and boost competitiveness, calling for "one large" market.
"Here in Europe, we don't only have 27 different financial systems, each with its own supervisor. But also more than 300 trading venues across our Union," von der Leyen told EU lawmakers on Wednesday.
"That is fragmentation on steroids. We need one large, deep and liquid capital market," she said in Strasbourg, France.
On the contrary, the U.S. has "one financial system, one capital market and a handful of other financial centers."
The European Commission has proposed streamlining national rules to create a so-called savings and investment union. Harmonizing financial rules in Europe has, however, proven difficult in the past.
Von der Leyen urged lawmakers to make swift progress, but stressed that she was willing to go ahead with the legislation if not all EU countries were ready to cut back their national rules.
"Our companies need capital right now. So let's get it done this year," she said.
"We have to make progress, one way or the other, to tear down the barriers that prevent us from being a true global giant."
Von der Leyen's speech comes ahead of a series of events focused on improving Europe's competitiveness, including an industry summit in the Belgian city of Antwerp and a gathering of EU leaders on Thursday.
