The euro area - and in particular Belgium - could perfectly enjoy, next year, a nice combination of strong economic growth and low inflation. The integration of the financial markets The integration of the European financial markets was one of the advantages expected from the introduction of the single currency. What can be said today?
As far as money markets are concerned, a very strong convergence of short-term interest rates could be observed by the end of 1998. After the introduction of the euro, the implementation of the operational framework for the single monetary policy and the new TARGET system have accelerated the creation of a liquid and integrated money market for the whole of the euro area.