Cross-border financial integration boosts economic growth and reduces the likelihood of bank collapses, European Central Bank (ECB) President Jean-Claude Trichet has said.
In remarks delivered at the University of Stirling in Scotland last Friday, Mr Trichet repeated his frequent call for closer financial market integration in the euro area.
The ECB has taken a leading role in urging reforms to financial services to make the euro zone more competitive. Mr Trichet's speech contained no new proposals.
Mr Trichet also said he was confident that by next year Europeans will begin to be able to make payments easily and cheaply across Europe from one bank account.
He said he expects the first retail-banking products compliant with the ECB's Single European Payments Area scheme to be available on time on January 1st, 2008.