The war in Ukraine, inflation and the energy crisis have made it more important than ever to promote a capital markets union to finance the transition to green and digital technologies, said the governors of the central banks of France and Germany, Reuters reported.

In an article published in Les Echos and Handelsblatt, François Villeroy de Galhau and Joachim Nagel sought to demonstrate unity amid strained relations between Paris and Berlin.

France and Germany have been at odds for the past month and have postponed a summit meeting to try to resolve their differences.

The two central bank heads said the 2015 Capital Markets Union (CMU) initiative launched by the European Union is needed to achieve financial stability to promote geographic diversification of funding sources and strengthen private sector risk sharing through the development of equity finance.