The indicators that we have compiled focus on markets and cover the main financial market segments of the euro area, ranging from the money market to retail loans and wholesale equity trading. The statistics indicate that the degree of integration varies greatly depending on the market segment. The unsecured money market has been fully integrated since shortly after the introduction of the euro.
The repo market is also highly integrated, albeit to a lesser extent. Government bond markets have integrated significantly. The indicators for the corporate bond market, which has grown considerably since the introduction of the single currency, also point to a high degree of integration. Progress has also been made in the  1  See http://www.ecb.int/pub/pdf/other/lamfalussy-reviewen.pdf. 2  See http://www.ecb.int/pub/pdf/other/ecgreenpaperfinancialservicespolicy2005en.pdf.