For example, an empirical study by London Economics1 estimated additional growth resulting from financial integration of the European bond and equity markets to be 1.1% over a decade or so. Let me give you the views of the ECB on the proposals put forward by the Commission, noting that the Eurosystem is preparing a contribution on this subject, which will be issued shortly.
I should underline that the interest of the Eurosystem in the pursuit of financial integration is closely related to the tasks which have been given to it by the Treaty, including the conduct of the single monetary policy, the promotion of smooth payment and settlement systems and the contribution to financial stability.