In particular, a well-functioning financial system fosters saving and capital  3  2  For a more detailed discussion see Chapter II of ECB (2008), Financial Integration in Europe, April. BIS Review 89/2008  accumulation, allows for a more efficient spatial and inter-temporal allocation of resources, enhances risk-sharing and improves the diversification of risk.
012234  56789     78h  m   505 502 145 6441 3 8  130  .