The second central task of the financial sector is related to payment systems. They form the basic structure that makes the financial markets to operate as one entity. Without well-functioning payment systems markets would be fragmented: locally, regionally, or nationally. Broad and competitive financial markets are impossible without an efficient and a unified payment system.
Financial integration within the EU offers great opportunities to improve Europe's growth potential. The integration promotes economic growth for several reasons: •  First of all, the required return on an investment project is reduced, because financing is available at a lower price. This increases investment and employ-ment. •  Second, consumers benefit directly from smaller interest rate margins and decreased service fees.