4 But let me also give you an example of an integrated and developed financial market segment where the euro segment stands up to the transatlantic comparison, such as the over-the-counter interest rate derivatives market: the euro segment’s notional amounts outstanding reached around € trillion in June 2006, compared with the equivalent US dollar segment of around € trillion.
5 To sum up, the introduction of the euro has brought about huge benefits resulting from increased financial integration. And as the process of European financial integration is gradually taking place, it is also important to be aware of the related process of financial development. In the first edition of the new ECB report, we focus on the concept of financial integration.