In this regard, allow me to stress that the European Central Bank was the first  BIS Review 26/2006  1  major central bank to introduce a real-time press conference displaying in detail the diagnosis and the monetary policy decisions of the Governing Council. Another important result of monetary unification is the increase in European financial integration.
A large, liquid and integrated money market was created after 1 January 1999. The euro bond market quickly turned into the second largest bond market in the world. Within the euro area, the elimination of exchange rate risks and the lower transaction costs which followed have created new opportunities for businesses, thereby being conducive to a more efficient allocation of capital.