This holds especially for markets that are directly involved in our operations: the money market, but also the bond market since the vast majority of the assets we take as collateral are bonds. Another reason for our interest relates to our responsibility for the promotion of a smooth operation of payment systems. Integration, particularly at the level of infrastructure, facilitates this.
Lastly, integration also contributes to financial stability, another key issue of interest for central banks, since a larger and more diversified financial system is better able to absorb economic shocks. A robust public policy framework as a precondition for integration Ladies and gentlemen, European and national authorities have worked hard to establish a sound public policy framework for the single financial market.