While some of the initial negative impact on financial markets has dissipated, there is still need to see what will transpire during the transition to full implementation of the exit. If recession holds sway in the UK, global economic prospects could be diminished. 2  BIS central bankers’ speeches  Despite these external headwinds, Madam Chair, the economy has exhibited notable resilience.
Given that the integration of the financial system in Europe, in particular in the euro area, is of utmost importance to the ECB, I would like to present our views on the process of European financial integration. I will start by highlighting the economic benefits of financial integration.