FRANKFURT (MNI) – Financial integration is key for balanced
monetary and financial conditions and helps to ensure a smooth
transmission of monetary policy, European Central Bank President Mario
Draghi said Thursday.
In opening remarks to the central bank’s Financial Integration and
Stability conference, Draghi noted that prior to the crisis, “it was
widely assumed that financial integration was a continuous process.” But
the crisis has reversed that trend, he said.
“To preserve the benefits of single markets, decisive action has
since been taken in different directions,” Draghi said, citing among
other things the European Commission’s six pack, the European Stability
Mechanism and substantial reform to supervision, pushing it to a
“It is crucial that the current initiative be completed, Draghi
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