But a capital-markets union is highly unlikely to end Europe's love affair with its banks. The biggest impact on market structure will continue to come from ever-rising capital requirements, which will make bank credit more expensive and encourage borrowers to look elsewhere.
起先作为口号的东西可能最终会有所助益。但资本市场联盟绝不可能结束欧洲与银行的紧密关系。对市场结构最大的影响将继续来自不断提高的资本要求，而这将让银行信用更加昂贵，促使借款人将目光投向别处。