For each of these three areas, I will elaborate on the achievements made or expected to be made in relation to European financial integration, but also point out the threats and potential hurdles.
8  Caballero, R., and A. Krishnamurthy, 2009. “Global imbalances and financial fragility.” American Economic Review 99, 584–588. 9  Popov, A., and G. Udell, 2010. “Cross-border banking and the international transmission of financial distress during the crisis of 2007-08.” ECB working paper (forthcoming). 10  Puri, M., Rochol, J., and S. Steffen, 2009.