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Financial integration

When we talk about euro area financial integration, we mean the extent to which financial services are available under the same rules and conditions in all countries that use the euro.

In a well-integrated financial system, assets with the same risk-return characteristics cost the same, irrespective of the country in which they are traded. Financial integration therefore contributes to the uniform transmission of the European Central Bank’s (ECB) monetary policy across the euro area.

2024

Biannual report on financial integration

Financial integration

Progress towards greater financial integration in the euro area has been modest. Integrating the internal market for financial services remains crucial, especially in light of the financing challenges related to the green and digital transitions, security and ageing populations.

Executive summary
The green and digital investment gap

Substantial investment will be needed in the coming years to reach the EU’s targets for 2030 and beyond under the Green Deal and the Digital Compass. Private capital will have to be mobilised to bridge the investment gap.

More on green and digital investment needs
The loan market

Banks are the largest suppliers of loans to the euro area economy, providing around 45% of loans. Interbank lending is stable at €12 trillion, while retail lending stands at €14.7 trillion, up from €13.9 trillion at the end of 2021.

More on loan market developments

How does financial integration affect you?

Increased financial integration in the euro area can result in more investment opportunities for market participants and mean that they are able to diversify financial risks beyond their national borders. What is more, retail bank interest rates for consumers vary less across borders when there is more integration in the financial system, and businesses that want to expand can access money more easily.

In short, financial integration makes the European economy more efficient by ensuring a single European market for financial services.

What is our role?

The ECB and the euro national central banks – the Eurosystem – are legally mandated to support financial integration in Europe. There are a few ways we do this.

  • Advising on the legislative and regulatory framework for the financial system
  • Acting as a catalyst for private sector activities
  • Providing central bank services that foster financial integration
  • Carrying out in-depth analyses of the state of financial integration

ECB report on financial integration

We publish the results of our analyses every two years in a report on financial integration and structure in the euro area.

Financial Integration and Structure in the Euro Area, June 2024 Press Release Previous ECB reports on Financial integration

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Looking for statistics on financial integration?

Learn more about indicators of financial integration and structure in the euro area

Indicators

Conferences

Once a year the European Commission and the ECB hold a joint conference on financial integration in Europe. The 2024 conference takes place as a hybrid event on 18 June 2024.

2024 conference programme
WANT TO FIND OUT MORE?
Read the European Commission’s annual reports on financial integration in Europe