The Holy Grail of financial integration  Analogously to the Holy Grail, which was believed to have magical properties, one could argue that financial integration brings many, almost magical, economic benefits. But let me explain briefly, why the economic benefits of financial integration are far from magic, but real.
This leads to higher lending volumes and lower impairment provisioning, while interest rate cuts also generate capital gains on existing securities holdings and improve wholesale funding conditions for banks. From 2014 to 2018, the aggregate impact of nonstandard measures was positive for the profitability of the banking system (see Chart 8).