Euronext NV Embraces Chancellor Friedrich Merz’s Vision for a Unified European Capital Market

On 16 October 2025, Stéphane Boujnah, Chief Executive Officer and Chairman of the Board of Euronext NV, publicly endorsed German Chancellor Friedrich Merz’s proposal to create a single, deeper, and more attractive European capital market. The statement, issued from multiple Greek news outlets, underscored Euronext’s long‑standing commitment to cross‑border integration and positioned the pan‑European exchange as a pivotal partner in the construction of a “super‑market” capable of competing with the United States and Asia.

Strategic Alignment with Merz’s Proposal

Merz’s plan calls for greater consolidation within the markets‑infrastructure sector, a direction that dovetails with Euronext’s historical trajectory. The exchange, born from the merger of Amsterdam, Brussels, Lisbon, and Paris, has already achieved significant integration by operating as a single‑currency platform for stocks, derivatives, and commodities. Boujnah highlighted that this foundation makes Euronext uniquely positioned to contribute to the next phase of European market consolidation, including potential integration with the Athens Stock Exchange, which Euronext has already pursued through a public acquisition bid.

Implications for European Companies and Investors

Euronext’s endorsement signals confidence that a unified European market will enhance liquidity, reduce transaction costs, and broaden access to capital for European firms. Boujnah noted that the current fragmented landscape forces many innovative companies to seek financing outside the EU, undermining the continent’s competitive edge. By aligning with Merz’s vision, Euronext aims to provide a platform that can attract higher‑quality listings, attract foreign investment, and support the growth of European enterprises across sectors.

Market Position and Financial Outlook

Euronext’s market capitalization stands at €13.07 billion, with a price‑to‑earnings ratio of 20.042. The exchange’s share price, trading at €127.10 as of 14 October 2025, has reached a 52‑week high of €153.50 while remaining above the 52‑week low of €96.20. These figures reflect investor confidence in Euronext’s strategic direction and its pivotal role in shaping Europe’s financial infrastructure.

Forward‑Looking Perspective

By actively supporting Merz’s initiative, Euronext is positioning itself as an indispensable engine of European integration. The exchange’s expansive network—encompassing over 1,700 listed companies with a combined market value of approximately €6.5 trillion—provides a robust foundation for scaling operations to meet the demands of a unified market. The company’s leadership signals readiness to collaborate with European regulators, other exchanges such as Deutsche Börse, and national market operators to streamline listing processes, harmonize regulatory frameworks, and expand cross‑border trading capabilities.

In the coming months, stakeholders will closely monitor how Euronext’s participation shapes the design of the proposed European “super‑exchange,” its impact on liquidity and volatility, and the regulatory adjustments required to realize a truly integrated capital market. For investors and corporates alike, Euronext’s proactive stance offers a clear indication that the next evolution of Europe’s financial architecture is already underway.