Market integration in the euro area has also brought about dynamic changes in the economic infrastructure, including transportation, electric power, telecommunications, and finance. In the area of finance, some examples of positive developments include the creation of new payment systems, such as TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer), the rapid expansion of capital markets, and the merger and integration of stock exchanges.
Princeton, N.J.: Princeton University Press. Rogoff, Kenneth (2014). “Costs and Benefits to Phasing out Paper Currency (PDF),” paper presented at the NBER Macroeconomics Annual Conference, Cambridge, Mass., April 11. Stein, Jeremy C. (2013).