For the ECB, financial integration is not an end in itself, but it is relevant for a number of issues that are important to us. First, financial integration matters for the ECB as it contributes to the efficient functioning of the monetary union.
Integrated financial markets support the effective transmission of the single monetary policy throughout the euro area and the smooth operation of the underlying payment systems. Financial integration also increases the depth and liquidity of financial markets, and consequently enhances the resilience of the European financial system. In addition, it offers more possibilities for geographical risk diversification.