In this respect, the Eurosystem strongly supports the initiatives of the European Commission in the field of financial integration. 10 In a fully integrated financial system market players follow a single set of rules and have equal access to the market and are treated equally when operating in the market. In this  6  See Gropp et al. (2007).
Everyone is aware of the “budgetary axe”, but that is relative to what they were promised, it is not relative to what has been passed. The promises add up to an increase of 10 percent. It will be difficult politically to cut them.