For example, recent research by London Economics estimated the benefits of the integration of EU bond and equity markets to be around 1 percentage point of additional GDP growth over a ten-year period, or approximately € billion. 2 Financial integration is also crucial, as it enhances the smooth and effective transmission of the single monetary policy throughout the euro area.
Despite some progress, further financial integration is particularly needed in a number of areas, including in retail banking. iii)  Labour mobility constitutes the third feature I should like to mention. Lack of openness in some countries increases risks of wage pressures as labour markets tighten.