Let me start with the money market. The unsecured interbank deposit market was almost perfectly integrated right at the start of Monetary Union. Our indicator, the cross-country standard deviation of the average overnight lending rates among euro area countries, was as low as three basis points in early 1999 and has since decreased to just one basis point.
By way of comparison, in January 1998, i.e. one year before the start of Monetary Union, the cross-country standard deviation was higher than 130 basis points.