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.
by RTT Staff Writer
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