Padoa-Schioppa on European financial integration

In the panel session "Drivers of European Financial Integration - Markets or Policy?" at the ECB-CFS research network on 11 May Tommaso Padoa-Schioppa said the central bank of the euro has provided a fundamental contribution to the integration of financial markets by the very creation of a currency union.

This is a necessary condition, he said, for financial integration. Indeed there are segments of the financial system that are not yet integrated. The Eurosystem and the ECB have a strong

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