MNI BRIEF: More Steps Needed On Integragted Finc'l Sevices-ECB

The European Central Bank sees an urgent need for policy action to mobilise savings, develop euro area bonds for attracting foreign investment and securing European and financial resilience, a report on Financial Integration and Structure in the Euro Area published Tuesday says.

“Achieving a fully integrated financial services market also requires facilitating cross-border banking and harmonising regulatory frameworks and disclosure requirements”, the ECB's report said, adding that “financial integration has been disappointing” with little progress since the start of the monetary union and especially the last two years.

The report, which will be presented Tuesday at a conference on European financial integration in Frankfurt, also underlines the importance of such policy action when the Eurozone needs investments to meet common challenges such as the green and digital transitions, and security.