While the states took the lead in eliminating these barriers beginning in the late 1970s, the final step was taken by the federal government with passage of the Riegle-Neal Act in 1994. Under this Act, virtually full interstate branch banking became possible in June 1997.
This is very different from the situation in the early 1990s, when financial market turbulence heavily affected our continent. Without the single currency, recent major shocks, such as the stock market correction in 2000 and the terrorist attacks on 11 September 2001, would have triggered major instability in European economies and financial markets.