Mario Draghi: Financial integration and banking union Speech by Mr Mario Draghi, President of the European Central Bank, at the conference for the 20th anniversary of the establishment of the European Monetary Institute, Brussels, 12 February 2014. *  *  *  Summary A banking union will contribute to more sustainable financial integration in the euro area, says ECB President Mario Draghi.
Speaking at a conference celebrating the 20th anniversary of the European Monetary Institute in Brussels, Draghi explains how stronger supervision, cross-border banking integration and resolution frameworks can reduce the risk of financial fragmentation. It was that kind of fragmentation which contributed to the recent financial crisis. Draghi explains that financial integration is necessary for an effective monetary union.