The financial crisis in the US during the years 2007-2009 and the European financial crisis since 2007 have provided concrete examples of the existing relationship between financial systems and the real economy and highlighted how different financial structures may respond differently to shocks and policy measures. Interaction between financial systems and the real economy is largely dependent on regulatory aspects such as financial supervision and financial regulation, as well as on the way those financial systems are organised. The institutional composition of financial systems and the repartition in between banks and non-bank financial institutions may also have an impact on financial stability and on recovery processes. Additionally, financial systems are shaped by the use of different types of financial instruments and by how those instruments are used and in what proportion.

While capital market instruments such as equities or securities are widespread and represent a significant share of funding sources for borrowers in some financial systems, bank loans still remain dominant and provide the largest source of finance.

In the context of the Capital Markets Union, understanding the different characteristics of the EU and the US models, their similarities and differences, would provide a response to the widespread base assumption that the largest financial markets in the United States mean that SMEs are less dependent on bank lending and that their access to finance is significantly better.