[17] Despite significant progress in recent years to develop a more coherent policy framework for cross-border banking, namely with the single rulebook and the creation of European supervision and resolution. [18] See De Haas, R. and Popov, A. (2019), “Finance and Carbon Emissions”, ECB Working Paper No 2318. [19] Just 20% of euro area equity holdings are issued in other euro area countries.
For bonds, the share is 30%. [20] See, for example, European Commission Directorate General Economic and Financial Affairs (2017), “Financing labour tax wedge cuts”, technical services note to the Eurogroup. [21] See European Fiscal Board (2019), Assessment of EU fiscal rules, with a focus on the six-pack and two-pack legislation, August. [22] See the 2019 Annual Report of the European Fiscal Board.