奥纬咨询&FESE：2025年流动性矩阵：欧洲股票市场碎片化问题应对策略研究报告（英文版）

Europe faces financing needs of at least €750–€800 billion per year, driven by major transformations such as the green transition, artificial intelligence, and defence spending. Public sector and bank lending will not be able to meet all these demands — Europe will need to turn to its capital markets. Capital markets fuel the economy by facilitating capital raising and enabling effective price formation. Strong secondary-market liquidity is critical to attract primary issuers, which in turn s