Financial integration is particularly relevant to the four basic tasks of the ECB. It is of vital importance for the conduct of the single monetary policy, since a well-integrated financial  3  In general, financial integration facilitates a better functioning of the financial systems.
I remain solely responsible for the opinions contained herein. Ladies and Gentlemen, I would like first to thank the Centre for European Reform for inviting me here to speak today. The Centre is an influential think thank both in the UK and elsewhere in Europe, and its views certainly contribute to shaping the debate on the future of Europe.