In the context of monetary union, there are two objectives of a single market in capital. The first is to improve what economists call allocation – that is, credit is allocated efficiently and without reference to location. The second is to improve diversification, i.e. financial markets are integrated in such a way as to help companies and households cushion local shocks.
It’s fairly logical given that we’re already seeing cyber attacks against companies… Ask any company director; there are thousands of cyber attacks every day. We’re being tested all the time, including at the ECB. It’s part of being a company. But the financial system has weak points – there are systemic infrastructures that could be targeted by cyber attacks.