I recall in this respect the findings of a recent study that quantified the macro-economic impact of the integration of European bond and equity markets.4 The study found that such financial integration would result in additional EU GDP growth of around 1% - i.e. around EUR 100 billion – over a ten-year period.
The Monetary Affairs Committee through the EAC Secretariat engaged the services of the European Central Bank in 2009 to carry out the study through an internationally competitive bidding process.