This is fostering the development of financial intermediation in the wider economy though, thankfully, credit growth has not reached the exceptionally high rates seen elsewhere in Central and Eastern Europe. Administrative measures undertaken by the central bank to dampen credit growth appear to have had some impact.
I now turn to the content of the report and will highlight some of the main findings. The report consists of three chapters [see slide 2]. The first chapter sets out the ECB’s assessment of the state of financial integration in the euro area. This assessment is based on a set of quantitative indicators we have developed.