Only cross-border payments between highly integrated regional areas or within monetary unions seem to have benefitted so far from the major advantages offered by digital innovation, in particular by the supply of fast payments services.
ECB studies, including work presented at this conference, have shown the key importance of financial integration and modernisation for the efficient operation of the economy. 9 The process of European financial integration is gradually taking place, with considerable progress being made, for instance, in capital markets and wholesale banking.