Editing Euro (section)

====Financial integration====
The introduction of the euro increased financial integration within Europe, which helped stimulate growth of a European [[securities market]] (bond markets are characterized by [[economies of scale]] dynamics).<ref name="Eichengreen-2019"/> According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to the securities markets [...] However, the real and policy barriers to integration in the retail and corporate banking sectors remain significant, even if the wholesale end of banking has been largely integrated."<ref>{{cite web|url=http://www.tcd.ie/iiis/documents/discussion/pdfs/iiisdp139.pdf |title=The Euro and Financial Integration|date=May 2006 |access-date=2 October 2009}}</ref> Specifically, the euro has significantly decreased the cost of trade in bonds, equity, and banking assets within the eurozone.<ref>{{cite journal |title=The geography of asset trade and the euro: Insiders and outsiders |journal=Journal of the Japanese and International Economies |doi=10.1016/j.jjie.2008.11.001 |volume=23 |issue=2 |pages=90–113|year=2009 |last1=Coeurdacier |first1=Nicolas |last2=Martin |first2=Philippe |s2cid=55948853 |url=http://www.cepremap.fr/depot/docweb/docweb0701.pdf }}</ref> On a global level, there is evidence that the introduction of the euro has led to an integration in terms of investment in bond portfolios, with eurozone countries lending and borrowing more between each other than with other countries.<ref>{{cite journal |last1=Lane |first1=Philip R. |title=Global Bond Portfolios and EMU |journal=International Journal of Central Banking |date=June 2006 |volume=2 |issue=2 |pages=1–23 |url=https://www.ijcb.org/journal/ijcb06q2a1.htm |citeseerx=10.1.1.365.4579 }}</ref> Financial integration made it cheaper for European companies to borrow.<ref name="Eichengreen-2019"/> Banks, firms and households could also invest more easily outside of their own country, thus creating greater international risk-sharing.<ref name="Eichengreen-2019"/>