Market remains fragemented: ECB-CFS study

According to a study published today, 20 December, by the European Central Bank and the Center for Financial Studies integration of Europe's financial markets is still some way away. The report is entitled " "Capital Markets and Financial Integration in Europe".

The report finds that the introduction of the euro in 1999 has lowered the cost of capital in the euro area, particularly in relation to corporate bond financing. More generally, the euro has enhanced the liquidity and efficiency of

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