The emerging banking union comes with many expectations:   the integration of the financial markets is to be promoted,    risks of banks and governments untangled, and    the stability of banks improved. 1  Börsenzeitung of 21 May 2013. BIS central bankers’ speeches  1  Similar expectations were attached to the introduction of the euro.
They are differentiated from one another basically by the maturity of the products that are sold and bought in the market. For instance, the money market refers to the short end of the market where products of the shortest maturity are traded. These products include treasury bills and promissory notes up to say one year in maturity.