By economic integration, I mean the free movement of goods and services, capital, and labour and the harmonization of the rules governing the operations of these three key markets. I will briefly review the progress Canada has made on each of those fronts, and the benefits we have derived from opening up our markets to international competition and to the free flow of capital.
Portugal must overcome this problem, in order to strengthen the competitiveness of Portuguese corporations. In my opinion, a complete banking union should encompass three key elements: (i) a Single Supervisory Mechanism, applicable to all credit institutions, involving centralised decision making and decentralised implementation; (ii) a Single Deposit Guarantee System; and (iii) a Single Resolution Mechanism.