If you are a euro enthusiast, call it “capital markets union” – and think of it as the next frontier beyond banking union. If you are a free-marketeer of a more eurosceptic bent, call it the “single capital market” – and think of it as fulfilling the Treaty of Rome’s promise of free movement of capital across Europe.

Either way, the EU is in desperate need of more non-bank finance – everything from loans provided by companies to instruments traded on the markets, such as bonds and similar securities. As the EU sets its priorities for the next five years, the political stars may be aligning for such an initiative since it could kill two birds with one stone: it would help the eurozone finance jobs and growth, while giving the UK another strong reason to stay in the EU.

The eurozone’s biggest challenge in the coming years is to pep up its sluggish growth rate. That will require more investment – as well as structural reforms. The European Commission says €1tn is needed for transport, energy and a telecoms network of “EU importance” by 2020.