And third, I will elaborate on the current state of financial integration in the euro area, based on the measurement via quantitative indicators that the ECB published for the first time last year. I will also mention specific ECB and Eurosystem activities that aim to foster financial integration.
Conceptual elements of the ECB’s monitoring framework for financial integration To start with, let me explain how the ECB defines the concept of European financial integration. An obvious measure of financial integration is to check the validity of the law of one price within the euro area.