{"id":13422,"date":"2025-09-05T14:34:08","date_gmt":"2025-09-05T12:34:08","guid":{"rendered":"https:\/\/themis-foresight.com\/future-capital-markets\/"},"modified":"2025-09-07T07:32:40","modified_gmt":"2025-09-07T05:32:40","slug":"future-capital-markets","status":"publish","type":"page","link":"https:\/\/themis-foresight.com\/en\/future-capital-markets\/","title":{"rendered":"Futures capital markets"},"content":{"rendered":"<div>\n<p>    <img decoding=\"async\" src=\"\/wp-content\/uploads\/2025\/09\/capital-markets-2.jpg\" alt=\"\"><\/p>\n<h3>2025-01-15-Szenarien-Mockup-Gelb<\/h3>\n<\/div>\n<h1><span>Futures of the European Capital Market: Defense, Digital, Infrastructure &amp; Energy<\/span><\/h1>\n<div><span>James Hoefnagels, Katharina Michalski, Felix Tegeler, Jan Berger, Martin Hartmann, Heiko Ludwig<\/span><\/div>\n<ul>\n<li>\n<h3>Content<\/h3>\n<div>\n<p style=\"font-weight: 400;\">Europe finds itself at a crossroads. Decades of dependency meet a new global order in which geopolitics sets the pace. This study, developed by Themis Foresight together with NORD\/LB, shows why Europe\u2019s fragmented and bank-dominated capital markets are too slow and too inefficient to finance strategic ambitions in defense, digital technologies, energy and infrastructure. It argues for a fundamental modernization of capital allocation so that European savings build European capabilities instead of flowing abroad.<\/p>\n<p style=\"font-weight: 400;\">The number is striking. By 2045, around USD 42 trillion must be mobilized. Without this effort, Europe risks funding gaps, mispriced risk and growing external dependencies. Today about 80 percent of defense procurement and 80 percent of corporate spending on cloud and software leave the continent. This weakens sovereignty and negotiating power.<\/p>\n<p style=\"font-weight: 400;\">\n<p style=\"font-weight: 400;\">What the study delivers<\/p>\n<ul style=\"font-weight: 400;\">\n<li>Clear investment pathways in four strategic sectors and a sequence for building industrial and technological capacity.<\/li>\n<li>A structural analysis of Europe\u2019s markets, including the cost of fragmentation, bank dominance and the lack of risk-sharing.<\/li>\n<li>An action agenda for policymakers and the financial industry that links European procurement with new instruments for large-scale private capital mobilization.<\/li>\n<\/ul>\n<\/div>\n<\/li>\n<li>\n<h3>Citation<\/h3>\n<div>\n<p><span>Hoefnagels<\/span>, <span>Michalski<\/span>, <span>Tegeler<\/span>, <span>Berger,<\/span> <span>Hartmann,Ludwig<\/span>(2025). <span>Zuk\u00fcnfte des Europ\u00e4ischen Kapitalmarkts: Verteidigung, Digitale Souver\u00e4nit\u00e4t, Infrastruktur &amp; Energie<\/span><em>.<\/em> Studie von Themis Foresight GmbH, Berlin.<span class=\"Apple-converted-space\">\u00a0<\/span>Aufgerufen am ___ auf: www.themis-foresight.com\/publications\/futures-capital-markets<\/p>\n<p>Presseanfragen an:<br \/><em>Eike W\u00f6rrlein<br \/><\/em><a href=\"mailto:eike.woerrlein@themis-foresight.com\">eike.woerrlein@themis-foresight.com<\/a><\/p>\n<p>Weiterverbreitung:<\/p>\n<p xmlns:cc=\"http:\/\/creativecommons.org\/ns#\" xmlns:dct=\"http:\/\/purl.org\/dc\/terms\/\"><span>Zuk\u00fcnfte des Europ\u00e4ischen Kapitalmarkts: Verteidigung, Digitale Souver\u00e4nit\u00e4t, Infrastruktur &amp; Energie<\/span> by <span>James Hoefnagels, Katharina Michalski, Felix Tegeler, Jan Berger, Martin Hartmann, Heiko Ludwig<\/span>\u00a0is licensed under <a href=\"https:\/\/creativecommons.org\/licenses\/by-nc-sa\/4.0\/?ref=chooser-v1\" target=\"_blank\" rel=\"license noopener noreferrer\" style=\"display: inline-block;\">CC BY-NC-SA 4.0<img decoding=\"async\" style=\"height: 22px!important; margin-left: 3px; vertical-align: text-bottom;\" src=\"https:\/\/mirrors.creativecommons.org\/presskit\/icons\/cc.svg?ref=chooser-v1\" alt=\"\" \/><img decoding=\"async\" style=\"height: 22px!important; margin-left: 3px; vertical-align: text-bottom;\" src=\"https:\/\/mirrors.creativecommons.org\/presskit\/icons\/by.svg?ref=chooser-v1\" alt=\"\" \/><img decoding=\"async\" style=\"height: 22px!important; margin-left: 3px; vertical-align: text-bottom;\" src=\"https:\/\/mirrors.creativecommons.org\/presskit\/icons\/nc.svg?ref=chooser-v1\" alt=\"\" \/><img decoding=\"async\" style=\"height: 22px!important; margin-left: 3px; vertical-align: text-bottom;\" src=\"https:\/\/mirrors.creativecommons.org\/presskit\/icons\/sa.svg?ref=chooser-v1\" alt=\"\" \/><\/a><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<h3>Date<\/h3>\n<div>\n<p>July 2025<\/p>\n<\/div>\n<\/li>\n<li>\n<h3>Language<\/h3>\n<div>\n<p>EN<\/p>\n<\/div>\n<\/li>\n<\/ul>\n<div>\n<h3> Zur Analyse<\/h3>\n<div>\n<noscript class=\"ninja-forms-noscript-message\">\n\tNotice: 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Analysen<\/h2>\n<ul>\n<li>\n<\/li>\n<li>\n<h3>Energie-Zuk\u00fcnfte<\/h3>\n<\/li>\n<li>\n<h3>The Future of Liquidity<\/h3>\n<\/li>\n<li>\n<h3>Die Zukunft der KI im Talentmanagement<\/h3>\n<\/li>\n<\/ul>\n<p><!--more--><br \/>\n<!-- {\"type\":\"layout\",\"children\":[{\"type\":\"section\",\"props\":{\"image_position\":\"center-center\",\"padding\":\"xsmall\",\"style\":\"default\",\"title_breakpoint\":\"xl\",\"title_position\":\"top-left\",\"title_rotation\":\"left\",\"vertical_align\":\"\",\"width\":\"\"},\"children\":[{\"type\":\"row\",\"props\":{\"column_gap\":\"large\",\"layout\":\"1-2,1-2\",\"width\":\"expand\"},\"children\":[{\"type\":\"column\",\"props\":{\"image_position\":\"center-center\",\"position_sticky_breakpoint\":\"m\",\"width_medium\":\"1-2\"},\"children\":[{\"type\":\"slideshow\",\"props\":{\"container_padding_remove\":true,\"height_expand\":true,\"image_loading\":true,\"link_style\":\"default\",\"link_text\":\"Read 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of the European Capital Market: Defense, Digital, Infrastructure &amp; Energy<\\\/span>\",\"margin\":\"default\",\"margin_remove_top\":false,\"maxwidth\":\"large\",\"maxwidth_breakpoint\":\"m\",\"text_align\":\"left\",\"title_element\":\"h1\",\"title_style\":\"h2\"}},{\"type\":\"headline\",\"props\":{\"block_align_fallback\":\"center\",\"content\":\"<span>James Hoefnagels, Katharina Michalski, Felix Tegeler, Jan Berger, Martin Hartmann, Heiko Ludwig<\\\/span>\",\"margin\":\"medium\",\"margin_remove_bottom\":true,\"margin_remove_top\":true,\"maxwidth\":\"large\",\"maxwidth_breakpoint\":\"m\",\"text_align\":\"left\",\"title_element\":\"div\",\"title_style\":\"h6\"}},{\"type\":\"switcher\",\"props\":{\"content_column_breakpoint\":\"m\",\"image_align\":\"bottom\",\"image_grid_breakpoint\":\"m\",\"image_grid_width\":\"1-2\",\"image_svg_color\":\"\",\"image_svg_inline\":true,\"link_style\":\"default\",\"link_text\":\"Read 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Decades of dependency meet a new global order in which geopolitics sets the pace. This study, developed by Themis Foresight together with NORD\\\/LB, shows why Europe\\u2019s fragmented and bank-dominated capital markets are too slow and too inefficient to finance strategic ambitions in defense, digital technologies, energy and infrastructure. It argues for a fundamental modernization of capital allocation so that European savings build European capabilities instead of flowing abroad.<\\\/p>\\n\n\n<p style=\\\"font-weight: 400;\\\">The number is striking. By 2045, around USD 42 trillion must be mobilized. Without this effort, Europe risks funding gaps, mispriced risk and growing external dependencies. Today about 80 percent of defense procurement and 80 percent of corporate spending on cloud and software leave the continent. This weakens sovereignty and negotiating power.<\\\/p>\\n\n\n<p style=\\\"font-weight: 400;\\\"><\\\/p>\\n\n\n<p style=\\\"font-weight: 400;\\\">What the study delivers<\\\/p>\\n\n\n<ul style=\\\"font-weight: 400;\\\">\\n\n\n<li>Clear investment pathways in four strategic sectors and a sequence for building industrial and technological capacity.<\\\/li>\\n\n\n<li>A structural analysis of Europe\\u2019s markets, including the cost of fragmentation, bank dominance and the lack of risk-sharing.<\\\/li>\\n\n\n<li>An action agenda for policymakers and the financial industry that links European procurement with new instruments for large-scale private capital mobilization.<\\\/li>\\n<\\\/ul>\",\"image\":\"\",\"title\":\"Content\"}},{\"type\":\"switcher_item\",\"props\":{\"content\":\"\n\n<p><em>Carina St\\u00f6ttner ist Gr\\u00fcnderin und Gesch\\u00e4ftsf\\u00fchrerin von Themis Foresight. <\\\/em>Die Soziologin und Medienwissenschaftlerin war zuvor bei einem Zukunftsforschungsinstitut, in einer Kommunikationsagentur und in der Luftfahrt t\\u00e4tig und ist heute gefragte Speakerin und Autorin.<\\\/p>\\n\n\n<p><em>Jan Berger ist Gr\\u00fcnder und Gesch\\u00e4ftsf\\u00fchrer von Themis Foresight.<\\\/em> Der Historiker und Linguist ist gefragter Sparringspartner von CEOs und Keynote-Speaker. Seine berufliche Laufbahn f\\u00fchrte ihn durch das Verlagswesen, die Immobilienbranche und in ein digitales Startup. Er leitete sieben Jahre lang die Gesch\\u00e4fte des 2b AHEAD ThinkTank und gr\\u00fcndete 2021 Themis Foresight.<\\\/p>\\n\n\n<p><em>Carsten Brandes ist Partnerbeirat bei Themis Foresight und Gesch\\u00e4ftsf\\u00fchrer bei Brandes Consulting<\\\/em>. Er ist ehemaliger Leiter der \\u0160KODA Auto Academy und verf\\u00fcgt \\u00fcber 30 Jahre Berufserfahrung in der Industrie \\u2013 davon \\u00fcber 20 Jahre in verschiedenen F\\u00fchrungs- und Managementpositionen.<\\\/p>\\n\n\n<p><em>Andreas Katzer ist Partnerbeirat bei Themis Foresight und Gesch\\u00e4ftsf\\u00fchrer bei AKA Management Excellence.<\\\/em> Als Executive Advisor begleitet er die F\\u00fchrung von Unternehmen auf ihrem Weg zu nachhaltigem Erfolg, nachdem er \\u00fcber drei Jahrzehnte selbst im Management t\\u00e4tig war, darunter 12 Jahre auf C-Level-Ebene in der globalen Automobilzulieferindustrie.<\\\/p>\",\"image\":\"\",\"status\":\"disabled\",\"title\":\"\\u00dcber die Autoren\"}},{\"type\":\"switcher_item\",\"props\":{\"content\":\"\n\n<p><span>Hoefnagels<\\\/span>, <span>Michalski<\\\/span>, <span>Tegeler<\\\/span>, <span>Berger,<\\\/span> <span>Hartmann,Ludwig<\\\/span>(2025). <span>Zuk\\u00fcnfte des Europ\\u00e4ischen Kapitalmarkts: Verteidigung, Digitale Souver\\u00e4nit\\u00e4t, Infrastruktur &amp; Energie<\\\/span><em>.<\\\/em> Studie von Themis Foresight GmbH, Berlin.<span class=\\\"Apple-converted-space\\\">\\u00a0<\\\/span>Aufgerufen am ___ auf: www.themis-foresight.com\\\/publications\\\/futures-capital-markets<\\\/p>\\n\n\n<p>Presseanfragen an:<br \\\/><em>Eike W\\u00f6rrlein<br \\\/><\\\/em><a href=\\\"mailto:eike.woerrlein@themis-foresight.com\\\">eike.woerrlein@themis-foresight.com<\\\/a><\\\/p>\\n\n\n<p>Weiterverbreitung:<\\\/p>\\n\n\n<p xmlns:cc=\\\"http:\\\/\\\/creativecommons.org\\\/ns#\\\" xmlns:dct=\\\"http:\\\/\\\/purl.org\\\/dc\\\/terms\\\/\\\"><span>Zuk\\u00fcnfte des Europ\\u00e4ischen Kapitalmarkts: Verteidigung, Digitale Souver\\u00e4nit\\u00e4t, Infrastruktur &amp; Energie<\\\/span> by <span>James Hoefnagels, Katharina Michalski, Felix Tegeler, Jan Berger, Martin Hartmann, Heiko Ludwig<\\\/span>\\u00a0is licensed under <a href=\\\"https:\\\/\\\/creativecommons.org\\\/licenses\\\/by-nc-sa\\\/4.0\\\/?ref=chooser-v1\\\" target=\\\"_blank\\\" rel=\\\"license noopener noreferrer\\\" style=\\\"display: inline-block;\\\">CC BY-NC-SA 4.0<img style=\\\"height: 22px!important; margin-left: 3px; vertical-align: text-bottom;\\\" src=\\\"https:\\\/\\\/mirrors.creativecommons.org\\\/presskit\\\/icons\\\/cc.svg?ref=chooser-v1\\\" alt=\\\"\\\" \\\/><img style=\\\"height: 22px!important; margin-left: 3px; vertical-align: text-bottom;\\\" src=\\\"https:\\\/\\\/mirrors.creativecommons.org\\\/presskit\\\/icons\\\/by.svg?ref=chooser-v1\\\" alt=\\\"\\\" \\\/><img style=\\\"height: 22px!important; margin-left: 3px; vertical-align: text-bottom;\\\" src=\\\"https:\\\/\\\/mirrors.creativecommons.org\\\/presskit\\\/icons\\\/nc.svg?ref=chooser-v1\\\" alt=\\\"\\\" \\\/><img style=\\\"height: 22px!important; margin-left: 3px; vertical-align: text-bottom;\\\" src=\\\"https:\\\/\\\/mirrors.creativecommons.org\\\/presskit\\\/icons\\\/sa.svg?ref=chooser-v1\\\" alt=\\\"\\\" \\\/><\\\/a><\\\/p>\",\"title\":\"Citation\"}}]},{\"type\":\"description_list\",\"props\":{\"column_breakpoint\":\"m\",\"layout\":\"grid-2\",\"list_element\":\"ul\",\"list_size\":\"large\",\"list_style\":\"divider\",\"margin\":\"large\",\"maxwidth\":\"xlarge\",\"maxwidth_breakpoint\":\"m\",\"meta_align\":\"below-content\",\"meta_style\":\"text-meta\",\"show_content\":true,\"show_link\":true,\"show_meta\":true,\"show_title\":true,\"title_element\":\"div\",\"title_grid_column_gap\":\"small\",\"title_grid_row_gap\":\"collapse\",\"title_grid_width\":\"small\"},\"children\":[{\"type\":\"description_list_item\",\"props\":{\"_condition\":true,\"content\":\"\n\n<p>July 2025<\\\/p>\",\"title\":\"Date\"}},{\"type\":\"description_list_item\",\"props\":{\"content\":\"\n\n<p>EN<\\\/p>\",\"meta\":\"\",\"title\":\"Language\"}}]}]}]}],\"name\":\"Product\"},{\"type\":\"section\",\"props\":{\"animation\":\"fade\",\"css\":\".el-section {\\n    background: linear-gradient(45deg, rgba(0,21,58,0.9) 0%, rgba(0,21,89,0.7) 26%, rgba(0,53,130,0.8) 100%);\\n}\\n\\n@media (min-width: 960px) {\\n.el-section {\\n  padding-bottom: 70px;\\n}\\n}\\n\\n@media (min-width: 960px) {\\n.uk-container {\\n    width: calc(100% - 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Market: Defense, Digital, Infrastructure &amp; Energy James Hoefnagels, Katharina Michalski, Felix Tegeler, Jan Berger, Martin Hartmann, Heiko Ludwig Content Europe finds itself at a crossroads. Decades of dependency meet a new global order in which geopolitics sets the pace. 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