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 all potential market
participants with the same relevant characteristics: (1) face a single set of rules when
they decide to deal with those financial instruments and/or services; (2) have equal
access to the above-mentioned set of financial instruments and/or services; and
(3)are treated equally when they are active in the market.The report also discusses aspects of the “quality” of financial integration, such as whether it is delivering the desired economic benefits and is resilient.