For instance, an asset may not be allowed to be listed on another region’s exchange. While the law of one price has little to say about this case, we would consider this to be an obstacle to financial integration. Our wider definition of financial integration in fact also encompasses such obstacles to financial integration.
The current state of European financial integration, including some selected Eurosystem activities and EU policy issues This background information leads me now to the main part of my speech, namely to illustrate the current state and the evolution of financial integration in the euro area.