See Altissimo, F., T. Blattner and S. Siviero (2008). “A Multi-Country DSGE Model of the euro area: Lessons for structural policies”, forthcoming. 3  Figures at the sectoral level are from EUKLEMS database and are not fully comparable with figures for the whole economy mentioned earlier in the speech. 4  EU KLEMS database.
According to statistics provided by the Bank for International Settlement, European banks’ claims within Europe stood at 36% of GDP at the end of the 1990s. By 2008 the share had grown to 77%. This share has fallen during the crisis, but still stands at around 48% of GDP. However, there are two caveats regarding this trend of capital markets integration in Europe.