9 More generally, this contribution can also be seen as an example of the Eurosystem’s role in providing advice on shaping the legislative and regulatory framework for the financial system to be conducive to financial integration. And as with securities markets, retail markets also need an integrated infrastructure in order to reap the full benefits of financial integration.
Second, a fiscal union that reinforces oversight of budgetary policies at the euro area level and also provides some fiscal capacity to support the functioning of the currency area. Third, an economic union with sufficient mechanisms to ensure that countries can achieve sustained prosperity without excessive imbalances.