Conversely, it was understood that integrated financial markets would be necessary for an effective single currency. And financial integration is not something we can take for granted. As we saw in the financial crisis, incomplete financial integration creates vulnerabilities and is liable to fragment. It is the quality of financial integration which is key.
With the banking union, we are laying the foundations for a more complete financial integration in the future. But to be fully comprehensive, a single financial market must also extend to capital market integration.