The outstanding amount of eurodenominated STEP-labelled securities already accounts for about 30% of all eurodenominated short-term paper placed by non-government issuers worldwide. Third, we enhance knowledge, raise awareness and monitor the state of European financial integration. This Report, and the indicators of financial integration that are presented here, are an illustrative example of this type of activity.
Fourth, we provide central bank services that also foster European financial integration. As an example, I choose our wholesale payment system, TARGET2. The successful launch of this single technical platform in November last year marks a significant milestone in financial integration.