Goldman's Solomon: European Regulatory Process Is 'Slow'

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00:00Savings in Europe and capital in Europe needs to come into the risk economy in Europe. You just

00:07don't have the scale and scope of the available savings here getting deployed into the tech risk

00:13ecosystem at the pace that it should when you compare and you look to the way things are deployed

00:18in the United States. And in fact, one of the things that happens here is capital from here

00:22looks over there. And so there are enormously smart, talented people here, lots of great ideas.

00:28Capital formation and a real focus on risk-taking. Stuff's going to go right. Stuff's going to go

00:34wrong. But you've got to take risk. You've got to deploy capital. This really has to become a bigger

00:40center of capital deployment. And also the more we can get the European Union to be operating as an

00:47economic union and taking advantage of the 400 plus million people that are here as opposed to the

00:52individual states, for lack of a better term. The more we can get the tech economy working that way,

01:00I think the better chance we have of reaching your goal, which I think would be a very noble goal

01:03for the world. I mean, the more innovation over here, the better for the world.

01:07Yeah. So Ursula von der Leyen will be here. So your one message to the European Commission

01:11president would be centralizing or capital markets? Are you seeing the urgency?

01:19You know, I'm feeling more urgency when I'm over here. But still, you know, the regulatory process

01:24in Europe is slow. Capital markets union, for sure. You know, more encouragement of risk-taking

01:30in capital markets, trying to bring it all together. Consolidation of the banking system instead of

01:35national champions in every market. Consolidation in the exchange system instead of champions in every

01:40market. You know, those are all things that will make capital formation easier, risk capital formation

01:45better, and will allow the acceleration of great companies here in these markets.