Let us take, for example, the case of the repo market. The unsecured money market became fully integrated at the level of the euro area soon after the introduction of the euro.
However, it is striking that, although some progress has also been made in the secured money market, the repo market has not yet become integrated to anything like the same extent as its unsecured counterpart. In particular, turnover in cross-border repo transactions, although it increased, did not do so very considerably.