BIS central bankers’ speeches  5  3.5  Capital markets union  Differences in language and culture would suggest, however, that mobility in the European labour market will not be as high in the foreseeable future as in other currency areas. This makes it all the more important for other buffers to function effectively.
At the time of the first gathering in 1963, our financial system was highly segmented, with commercial banks, savings and loans, investment banks, insurance companies, and finance companies providing distinctly separate products. Statutes and regulations greatly restricted competition between banks and nonbanks, and among banks themselves. Today, the marketplace for financial services is intensely competitive, innovative, and global.