Undoubtedly, the evolution of the financial sector in the direction envisaged would need to be accompanied by enhanced regional regulation and supervision to minimize the risk of cross-border contagion. The final piece of the financing puzzle should come from the further development and integration of the regional stock market. A first step, involving the cross-listing of twelve securities has already been taken.
The next step is the establishment of an integrated regional stock exchange where all member states are linked electronically for the trading in bonds and equities. A fully integrated regional stock exchange would allow firms to have access to a wider market for raising risk capital. In turn, this would allow the productive sectors to become more productive internationally.