A panEuropean infrastructure for securities clearing and settlement in the EU would therefore certainly provide new impetus for further integration. Equity markets offer me a nice entry point to make you aware of a new type of indicators that we are currently developing. Financial integration is an important, but not the only factor that contributes to the efficiency of the financial system.
There are indeed other relevant factors, such as the degree of financial development or the quality of the framework within which financial markets operate. In the ECB we are now in the process of extending our analysis from financial integration to the development of financial markets. We understand financial development broadly as a process of financial innovation and organisational improvements.