The same issues were further elaborated in the Commission report EMU@10, released just ahead of this forum. These reports found that, in markets closely linked to monetary policy, the euro has catalysed substantial integration.
In particular, interbank markets are well integrated – or at least were, and hopefully will be again, once the turmoil passes – as are government bond markets and, increasingly, also corporate bond markets. On the other hand, much remains to be done in other areas. The infrastructure supporting bond and equity markets is fragmented and hinders competition.