Globalization
The Real Barrier to EU Capital Market Integration: Unreformed Pension Systems
The integration of the EU’s capital markets is hindered by unreformed pension systems, which face unfunded high debts. Reforming these systems is crucial for the long-term fiscal solvency of EU countries. The lack of harmonization in pension systems prevents the integration of capital markets and highlights the importance of pension funds in the development of financial markets.
November 13, 2025