The integration of markets and the creation of the single European currency have had mutually reinforcing positive effects. More specifically, greater price transparency across the euro area and reduced transaction and information costs foster competition and promote trade, with favourable effects on prices, investment and employment.
And so  11  See Committee on the Global Financial System (2005); Basel Committee for Banking Supervision (2006, 2008). 12  Possible reference here to the example of household indebtedness which could be less of a problem if it is concentrated on high-income deciles, or bank exposures, if they are on loans/assets that are not in particular risk.