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Eurozone countries are strengthening financial ties with the U.S. faster than among themselves, increasing vulnerability to external shocks, warns ECB Vice President Boris Vujcic. This trend highlights the EU's struggle to create a unified capital market, as investments are increasingly directed towards the U.S. while national barriers hinder capital flow between member states. Research indicates that barriers to cross-border investments in stocks between the eurozone and the U.S. have decreased significantly, outpacing reductions within the eurozone. Vujcic noted that fragmented European capital markets weaken companies' resilience during crises, with domestic investor-heavy firms cutting investments more than those with international investors. He emphasized that in fragmented markets, investments are crucial for companies to adapt to economic shocks, posing a challenge to economic resilience.