The European Central Bank (ECB) was established on 1 June 1998, after the European Council unanimously decided, on 2 May 1998, that 11 Member States, including Portugal, met the requirements necessary to adopt the single currency on 1 January 1999.
Nevertheless, it is clear that the euro area has a particular interest in increased financial integration to pave the road towards a genuine monetary and economic union. Conclusions Let me conclude. Some may argue that the capital markets union is old wine in new bottles. I disagree. What is old are the problems that we need to overcome.