If less competitive countries undertake structural reforms that promote higher economic growth, their economies will converge towards more competitive ones, and finance will tend to follow.18 This is why, in addition to the banking union, the re-establishment of country competitiveness is essential to reintegrate financial markets. In other words, all participants have to help achieve and sustain financial integration. Thank you for your attention.
18  ]Recall, for example, the early intellectual debate among economists about whether finance follows the real economy (e.g. Joan Robinson, 1952, The Generalization of the General Theory) or drives the real economy (e.g. Joseph Schumpeter, 1911, The Theory of Economic Development). BIS central bankers’ speeches  7