This includes policy-induced reform, such as the Financial Services Action Plan initiated by the European Commission in the spring of 1999. Reform also covers market-led initiatives, as for instance the development of electronic trading platforms. As you know, the different financial markets have reached different levels of integration.
So integration in euro money markets was achieved very quickly after the introduction of the new currency while for instance the euro area equity market, despite advances such as the setting up of Euronext, remains among the least integrated. Thus there is still need for continuation and completion.