14 To show the prescriptions these rules would have called for at the April FOMC meeting, I start with an illustrative baseline outlook constructed using the projections for unemployment,  expectations.
We wanted to devise a way in which to capture, in quantitative terms, the various dimensions of financial integration and to have a toolbox at our disposal to monitor developments, measure progress and assess the state of integration of the different components of the European financial system, that is, financial markets, financial institutions and financial infrastructures.