Leonid Brezhnev – a man not usually remembered for scholarly discourse – is said to have stated that “there is nothing more practical than a good theory”. Well, this is definitely not good enough for me. We should try to assess the facts and take the necessary action to improve the situation if this is warranted.
Can we measure the degree of integration and the state of development of financial markets in Europe? Can we estimate quantitatively the effects of further integration and enhanced financial development on economic growth?