First, while I have spoken mainly about banking sector integration, a single financial market must also ultimately extend to capital market integration – a theme that was close to Alexandre’s heart. There are still several barriers to such integration, and these call for the attention of policy-makers.
On the domestic side, developments in the financial system and their influences on stock prices, corporate finance, and the economy continue to require careful monitoring. On the price front, import prices and domestic corporate goods prices have turned to decline, mainly reflecting crude oil prices that fell back in early spring.