This creates synergies in the settlement of collateral for Eurosystem credit operations and the release of the related credit to the financial institutions. 3. Conclusion  European financial markets have come a long way in the integration process. The progress achieved so far, however, leaves no room for complacency, as the recent disruptions caused by the financial crisis clearly warn us.
The forthcoming ECB report on financial integration – which has a special focus on the effects of the 2007-2008 financial turmoil on the state of financial integration in the euro area – provides clear evidence that the financial turmoil has considerably affected the latest observations of the integration indicators.