While the euro has undoubtedly acted as a catalyst for financial integration in general, it is true that the degree of integration differs from market segment to market segment, with  3  See http://www.ecb.int/ecb/html/mission.en.html. 4/11  integration being more advanced in those market segments that are closer to the single monetary policy.
4  BIS central bankers’ speeches  Figure 4 Policy interest rates  Source: Bloomberg. The relatively high level of interest rates before the recession meant that deep cuts were possible. The New Zealand and Australian Reserve Banks, for example, cut policy rates by 575 and 425 basis points respectively between July 2008 and April 2009. Crisis then brought opportunities.