The introduction of the euro has removed one of the main factors of financial segmentation across eurozone countries, namely the multiplicity of currencies. Thereby, it has reduced the vulnerability of the financial and real sectors to exchange rate shocks. The resulting financial integration has proved to be impressive in the securities markets.
Last October, I drew on the Fed’s Survey of Consumer Finances – a rich source of data for researchers in this field – to explore some factors that may influence economic mobility, such as access to quality education and ownership of a family business, and I discussed how those factors may have changed over time.