Every single economy has its own idiosyncrasy that calls for a particular regulatory framework. In the case of emerging ones, more prone to have incomplete markets, government action should be directed through regulation to complete them and to foster its development.
The finalisation of European monetary integration had a profound effect on the deepening of the single market through the elimination of the exchange risk, the reduction in transaction costs and the increase in price transparency. This improvement of the single market will enhance the overall efficiency of the European economy and, other things being equal, also its growth performance.