The deficiencies of the European institutional framework in key areas played a key role in destabilizing European financial markets, European Central Bank Executive Board member Peter Praet said Friday.
"A united Europe, especially one that has decided to have a single currency, needs united financial markets as well," said Praet.
To reap the benefits of integration in capital markets, there should be integration in financial regulation and supervision, he observed.
Yesterday, ECB President Mario Draghi said the European integration now needs a "bold leap of political imagination" in order to survive.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.