German chancellor calls for creation of pan-European stock exchange To compete with US, Asia

German Chancellor Friedrich Merz has called for the creation of a pan-European stock exchange to help companies compete with rivals from the US and Asia, per Bloomberg.

Speaking to the Bundestag (Parliament) in Berlin on October 16 ahead of next week’s European Union summit, Merz stressed that European firms need “a sufficiently broad and deep European capital market so they can finance themselves better and faster.”

Merz cited reports by former Italian prime ministers Mario Draghi and Enrico Letta, which highlighted the urgent need to close the productivity gap with global competitors. He also expressed frustration that companies such as Mainz-based BioNTech SE had opted to list in New York.

“It is crucial for the future of our country and our countries in Europe that we fulfill these tasks with renewed vigor,” Merz said. “It is about our prosperity and whether Europe will remain a player in the global economy in a few years or become a plaything of major economic centers in Asia and America.”

By Khagan Isayev