波黑《新闻报》12月21日报道。2026年以后欧洲的发展机遇将不仅源于消费增长或新技术热潮，更将来 自欧洲经济运行方式的结构性转变。预计这一转变将在三个平行层面展开： 二是涉及基础设施建设的欧盟电网计划。没有可靠稳定的电网架构，就没有发展工业和数字化的基础。 根据估计，到2030年以前，欧洲国家将在电网建设方面总计投资6000亿欧元，这意味着每年的投资就有 约1200亿欧元——日均投资约3.3亿欧元。其目的并不是为了贯彻欧盟的绿色政策，而是要建设稳固的 基础设施。 三是涉及积累的闲置资本。欧洲其实并不缺钱——普通欧洲民众家庭和欧洲企业的账户中存有数万亿欧 元的储蓄，这是在过去数十年来极其宽松的货币政策下累积起来的。存款与公共资本投资没有直接联 系，既不为国家提供资金，也不为企业提供资金。它们代表着潜在的增长乘数效应，尤其是在实施基础 设施项目时。每一欧元从闲置存款转移到资本市场，都会改善企业获得长期融资的渠道，并增强投资周 期。在此背景下，资本市场联盟和个人投资账户等中介工具的整合，代表着下一阶段的发展方向，有望 为欧洲经济活动注入更强劲的动力。资本市场联盟的作用在于使私人资本能够依托现有基础设施，开启 新一 ...

Core Insights - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping from $110,000 to below $106,000 and Ethereum falling by nearly 9% [1][2][3] - A major hack on the DeFi protocol Balancer resulted in losses exceeding $100 million, intensifying market panic [1][3] - Over the past 24 hours, the cryptocurrency market saw liquidations exceeding $1.278 billion, affecting over 340,000 traders, predominantly long positions [2][3] Market Dynamics - Bitcoin's price fell over 3% to $106,200, while Ethereum dropped over 7% to $3,595, with other cryptocurrencies like XRP, BNB, and Solana also experiencing significant declines [3] - The perpetual contract funding rates have weakened since mid-October, indicating a shift towards bearish sentiment in the market [2] - The increase in Ethereum put options, particularly at strike prices below $3,700, suggests that traders are betting on further declines [2] Institutional Activity - Recent reports indicate that institutional demand for Bitcoin has decreased, with inflows into Bitcoin ETFs dropping significantly [4][6][7] - The iShares Bitcoin Trust saw a redemption of approximately $400 million, contributing to a total outflow of $946 million from Bitcoin ETFs [4] - Data from Glassnode shows that the weekly net inflow of Bitcoin into the BlackRock ETF has fallen below 600 Bitcoin, a stark contrast to previous inflows exceeding 10,000 Bitcoin during bullish phases [6][7] Regulatory Developments - The European Union is considering expanding the regulatory powers of the European Securities and Markets Authority (ESMA) to include oversight of cryptocurrency exchanges [5][6] - This initiative is part of the EU's "Capital Markets Union" plan aimed at reducing regulatory fragmentation and lowering cross-border trading costs [5][6]

Core Viewpoint - The European Union plans to enhance the regulatory powers of the European Securities and Markets Authority (ESMA) to expand oversight over stock exchanges and cryptocurrency exchanges, aiming to centralize regulation of key financial market infrastructures operating cross-border within the EU [1] Group 1: Regulatory Changes - The initiative is part of the EU's "Capital Markets Union" plan, which seeks to reduce regulatory fragmentation and lower cross-border trading costs [1] - Currently, each EU member state has independent regulatory bodies overseeing their respective stock exchanges and markets [1] - The proposed regulatory framework will grant ESMA direct regulatory authority similar to that of the U.S. Securities and Exchange Commission (SEC) [1] Group 2: Implementation Timeline - A draft of the new regulatory framework is expected to be released in December, which will include provisions granting ESMA binding powers to make final decisions on disputes [1] Group 3: Stakeholder Perspectives - Luxembourg's Finance Minister, Gilles Roth, emphasized the goal of achieving regulatory convergence rather than establishing a costly and inefficient centralized model [1]

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].

Core Viewpoint - Jamie Dimon, CEO of JPMorgan Chase, warns that the market is complacent regarding President Trump's tariff plans, emphasizing the need for a tariff framework and a trade agreement between the EU and the US [1][2] Group 1: Tariff and Trade Agreement - Dimon highlights the importance of reaching a preliminary trade agreement between the EU and the US, which may allow the EU to lock in a 10% tariff rate after the August 1 deadline for negotiations on a permanent agreement [1] - He notes that the EU is facing significant competitiveness issues, which are linked to sluggish economic growth in the region, as outlined in a report by former Italian Prime Minister Mario Draghi [1] Group 2: Interest Rate Outlook - Dimon believes that the likelihood of interest rate hikes is higher than market expectations, suggesting a probability of 40% to 50% for an increase, compared to the market's 20% [2] - He indicates that the Federal Reserve is currently in a wait-and-see mode due to expectations of rising inflation, which has prevented any rate cuts this year [1][2]

Core Viewpoint - The European Central Bank's Vice President, De Guindos, highlighted that while there have been numerous discussions regarding the completion of the Capital Markets Union, there have been almost no tangible results [1] Group 1 - There is a significant emphasis on the ongoing discussions about the Capital Markets Union in Europe [1] - The lack of concrete outcomes from these discussions raises concerns about the progress of financial integration in the region [1]

Core Viewpoint - Germany's Finance Minister, Christian Lindner, emphasizes the necessity for Germany to persuade EU partners to establish a capital markets union, a common foreign and security policy, and a unified development policy [1] Group 1 - The establishment of a capital markets union is crucial for enhancing financial integration within the EU [1] - A common foreign and security policy is essential for strengthening the EU's global influence and coherence [1] - A unified development policy is needed to address shared challenges and promote sustainable growth across member states [1]