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The ECB took a decisive step in its monetary policy normalization journey today as it pre-announced a series of interest rate hikes, starting next month. The unanimous decision was accompanied by a notable upward revision to Euro Area’s inflation projections and a downgrade on the growth outlook

The Capital Markets Union should be considered as a wide range of initiatives in different fields, aimed at ending the existing fragmentation of European capital markets. Rather than a purely new project it is the continuation or deepening of the capital market integration. Indeed, the ultimate goal is truly completing Eur…