BIS central bankers’ speeches  7  The ECB is working with the Bank of England on the causes and roadblocks of the impaired securitisation market and will propose ways to deal with them.17 Conclusion Let me conclude. The main point I have tried to illustrate today is that de-fragmentation must have an aim, and that aim goes deeper than price convergence.
True financial integration implies a single market in capital, where there is efficient allocation and effective diversification. It implies sizeable cross-border holdings of debt and equity; a European market for banking M&A; and direct cross-border exposures from banks in one jurisdiction to firms and households in another.