The role of monetary integration has been of decisive importance in the European context. It has yielded significant benefits for the region and is an area in which integration has become most securely entrenched. The launch of the euro triggered many changes in the financial markets and we are still far away from realizing the full benefits of financial sector integration.
The ECB continues to have a central role in facilitator or further financial integration within Europe, thus contributing to the improved growth potential of the euro area. Also in Africa, monetary integration has been a positive factor, as evidenced e.g., by the Franc Zone's contribution to relatively better price stability.