The benefits of data harmonisation and standardisation are clear: it will help authorities better monitor risks and give the private sector the basis for a deeper understanding of the financial markets, sounder decision-making, and increased process efficiency for industry participants. A lot has been done, but a lot more remains to be done.
Rebalancing and reforms for growth  For many euro-area member states, the introduction of the euro ushered in a new era of abundant capital, due to the elimination of exchange rate risks. And standard economic reasoning does suggest that capital should flow from capital-rich to capital-poor economies, where returns should be higher.