These advantages have been equally evident in the past couple of months. 3. The euro-area fundamentals are quite strong. The results of the more medium-term policies, which have been implemented so far, have to be rated as positive. Since its inception, the ECB has largely guaranteed price stability. Interest rates are low and conditions for borrowing are favorable.
BIS central bankers’ speeches  1  All these initiatives aim to create a level playing field in Europe, to remove barriers to competition, to facilitate cross-border business, and ultimately to strengthen the process of financial market integration. However, we should not forget that financial market integration needs to be complemented and supported by the integration of the underlying infrastructure.