By Philip Blenkinsop

BRUSSELS, Dec 4 (Reuters) – Europe’s executive Commission proposed measures on Thursday to make the 27-member bloc’s capital markets more competitive by easing cross-border operations and giving broader oversight to the European Securities and Markets Authority.

The EU is struggling to compete economically with the United States, China and other rivals, but could boost its competitiveness by bolstering its single market, which functions well for the exchange of goods, but less well for services.

Former Italian Prime Minister Enrico Letta, who wrote a report on improving the single market last year, said the greatest overall impact could come from steering the 33 trillion euros ($38.53 trillion) of private savings to the real economy. Now about a third of it is held

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