But we must not forget that the European countries have already come far in harmonising policy, especially the euro area countries.” Did EU Commissioner Jonathan Hill not say that a capital markets union would not be in place before 2019? “If it is completed in 2019, I would be very happy.”  BIS central bankers’ speeches  3
Also the interest rate swap market, which is crucial for banks’ interest rate risk management, has developed into one of the euro area’s most liquid and integrated markets. Market participants are now using this market to define their interest rate benchmark rather than the market of government securities, where some national differences are still relevant.