German Chancellor Friedrich Merz has unveiled a bold plan to launch a pan-European stock exchange, aimed at helping EU companies better compete with their American and Asian counterparts. He argued that Europe must avoid becoming “a plaything” between global powers.
Merz’s proposal comes amid growing concern that Europe’s capital markets are fragmented — with national exchanges lacking the scale to rival giants in the U.S. and Asia. A unified exchange could centralise liquidity, reduce trading costs, and give European firms better access to capital, levelling the playing field in sectors like tech, energy, and infrastructure.
In recent years, Europe has seen several high-profile delistings and capital flight to U.S. markets, where liquidity and valuations tend to be higher. Merz’s vision is to recapture market appeal and keep more of Europe’s “homegrown” successes anchored within EU financial ecosystems.
While details remain to be fleshed out, including governance, integration with existing exchanges, and regulatory alignment across 27 member states, Merz’s call is already stirring debate in Brussels banking circles.
If realized, a pan-European exchange could be a game-changer — helping Europe retain strategic independence and scale in global capital markets rather than being pushed around by the U.S. and Asia.
