Assessing European financial integration has proved difficult because of complex financial intermediation activities carried out in some European financial centres (Ireland, Luxembourg, and the Netherlands) whose scale has grown enormously over time. We refer to these three countries as "onshore...

The ECB's annual report on financial integration in Europe contributes to the advancement of the European financial integration process by analysing its development and the related policies. For the ECB, the market for a given set of financial instruments and/or services is fully integrated if...

This book is a collection of the proceedings of the ECB Legal Conference "From Monetary Union to Banking Union, on the way to Capital Markets Union: new opportunities for European integration", hosted by the European Central Bank on 1 and 2 September 2015. One of the main objectives of this...

The decrease of financial integration both at the global and European level reflects, to a certain extent, a market response to the crisis. It might, however, also be partly driven by policies such as capital flow management measures (CFMs). In addition, several other measures taken by central...

This paper provides an encompassing description of the various indicators compiled in the financial module of CompNet using balance sheet information of European firms. We investigate whether and to which extent the heterogeneous financial positions of firms have affected firms' investment...

The European Commission's initiative to establish the main elements of a Capital Markets Union (CMU) within the current legislature is welcome. The CMU project, if well designed and thoroughly implemented, could bring significant benefits to the EU. In general, CMU should aim to enable EU...

The ECB's annual report on financial integration in Europe contributes to the advancement of the European financial integration process by analysing its development and the related policies. For the ECB, the market for a given set of financial instruments and/or services is fully integrated if...