But first I shall address the question of how opportunities and risks are distributed across integrated financial markets. 2. How are opportunities and risks distributed across integrated financial markets? The European project is globally unique. Sovereign states have committed to integrating their markets for goods, labour and capital.
The integration of the financial markets has made  2  “Once every banking institution […] is free to accept deposits from, and to grant loans to, any customer […] the area in which ‘its’ banking system operates will be lost.