“我们需要欧洲证交所，这样公司就不必赴美上市了”

Core Viewpoint - German Chancellor Merz calls for the establishment of a unified European stock exchange to help European companies secure financing locally and avoid being forced to list in New York, thereby preventing Europe from becoming a subordinate to the major economic centers of the US and Asia [1][3]. Group 1: European Capital Market Integration - Merz's statement is seen as a signal of Germany's support for the integration of EU capital markets, which has been hindered by Germany's previous opposition [1][3]. - Germany and France have reached a consensus to accelerate the EU Capital Markets Union (CMU), including transferring some regulatory powers to a unified European regulatory body [3]. - The EU's capital market integration plan has faced delays due to opposition from Germany, Luxembourg, and Cyprus regarding the concentration of regulatory power in the European Securities and Markets Authority (ESMA) [3]. Group 2: Market Response - Major European exchange operators have responded positively to Merz's call, with Euronext's CEO emphasizing the need for unified regulation to address discrepancies in regulatory and supervisory standards [4]. - Deutsche Börse supports Merz's proposal, highlighting that the EU has over 500 trading platforms, resulting in a fragmented and opaque market, with only about 30% of stock trading occurring in transparent public markets [4]. Group 3: Broader European Reforms - Ahead of the upcoming EU summit, Merz proposed a broader reform agenda aimed at deeper integration, reducing excessive regulation, and implementing recommendations from Draghi and former Italian Prime Minister Letta to eliminate barriers to the flow of goods, capital, labor, and services within the EU [5]. - Merz pointed out that the growth gap between the EU and the US is largely due to weak productivity growth in Europe, emphasizing that profound changes are necessary for Europe to regain growth momentum [5].