The need for a CMU is clear; capital markets still remain shallow despite the European Union’s founding commitment to the free-flow of capital in the Treaty of Rome. If the green paper’s estimates are correct, 90 million additional euros would be available for business financing in the member-states if capital markets were as deep as the US.

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2015 was a year of many wins and losses for Ukraine. In the first half of the year, Ukraine faced a near-perfect storm of escalating military conflict, falling commodity prices and political instability. As a result already low export revenues went even further down and foreign currency reserves dropped to 5 billion dollars.