By way of example, let me mention a study that estimates the potential resulting from the integration of European bond and equity markets in terms of additional GDP growth, which is predicted to be around 1 % over a ten-year period, or around EUR 100 billion.2 Coming back to the question of the possibilities for enhancing sustained economic growth in Europe, I would like to stress the importance of realising the potential inherent in European financial integration in order to reap its economic benefits in full.
Against the background of this policy, financial institutions have been more confident in raising funds in the money market, and this has been contributing to stability in financial markets. The Bank’s commitment to maintaining the policy has contributed to stabilizing market participants’ projection of future interest rates, and thus market interest rates have been stable.