If, however, we take the deep, liquid and unified US market as a benchmark, we clearly still have some way to go: the integration of equity markets is at a very early stage, common legal and regulatory frameworks are only gradually being elaborated, and the consolidation of the banking sector is far from complete.
While many of these processes are market-driven, EU policy-makers should make efforts to spur on further financial integration, to the benefit of all - individual savers, institutional investors or corporate borrowers, in the euro area and worldwide. Another area where the expectations, at least of some, diverged from the outcome was the international role of the euro.