Certainly, a sound banking system and well-functioning banking supervision are needed for that. Here, it would be irresponsible to take the second step before the first one. III. Eventually, maybe already in the near future, the direct cost of executing securities transactions will no longer hinder further integration of the financial systems.
Given the progress made in technology and integration, one may at least come to this conclusion. We are therefore likely to see investment banking increase rapidly in importance. We can also expect further professionalisation of investment decisions, for instance, in the form of investment funds. In the bond markets of the euro area, government bonds and bank debt securities still greatly predominate.