In comparison with the March 2012 ECB staff macroeconomic projections, there is a narrowing of the projection ranges for 2012 and 2013. The Governing Council continues to view the risks to the medium-term outlook for price developments as broadly balanced.
Market integration allows firms to exploit economies of scale by reducing the cost of access; it increases the opportunities for diversifying investments; it ensures more efficient allocation of resources; it improves the ability to absorb shocks; it strengthens the stability of the system. In Europe, market integration has been furthered by the single currency and the stability-oriented monetary policy.