But in addition to the general economic benefits of financial integration that I have mentioned, fostering financial integration is of particular importance for the ECB’s tasks. First, integrated and efficient financial markets enhance the smooth and effective transmission of monetary policy impulses throughout the euro area. The higher the degree of financial integration, the more effectively this transmission will work in practice.
(Graph 4) Turning to the Australian dollar, over the month of September the Australian dollar recorded one of the larger depreciations against the USD dollar, at around 6 per cent.