ECB's Trichet on European financial integration

In the speech 'European financial integration' given on 16 December Jean-Claude Trichet of the ECB said a lack of integration in eurozone mortgage markets may affect the impact that ECB rate decisions have in different countries.

Trichet said differences between mortgage interest rates in euro zone countries have not narrowed significantly over the past three years, and the dispersion of mortgage rates within the euro zone is higher than between different regions of the US.

'All this suggests that

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