In the past decade the integration of international financial systems has intensified and extended to the banking system. In many countries the number and the market share of foreign intermediaries have grown as a result of the expansion of banking groups’ activities beyond national borders and the increase in cross-border mergers and acquisitions.
As we know, there are a number of countries that have managed to fully reap the benefits stemming from membership of the euro area, while other countries have performed in a less satisfactory manner than could legitimately have been expected by their citizens. But this undesirable outcome and policy failure is certainly not the fault of the euro.