European stock markets have reached levels not seen since the eve of the 2008 crisis. However, one swallow does not make a summer, and now more than ever, a decisive push towards a unified capital market is needed. Faced with the challenge of the "Three Ds"—deglobalization, declining birth rates, and decarbonization—Europe must overcome fragmentation and finally work towards the Financial Union that was first envisioned in 2015, though no concrete actions followed those good intentions. Now, the Draghi Report on competitiveness once again attempts to chart a path that starts with the need to finance technological innovation on the continent, includes the issuance of common public bonds, and ultimately leads to the creation of a European SEC.