ecb -评估欧元区股票市场跨境融合程度：基于引力模型的实证研究 Assessing cross-border integration of equity markets in the euro area evidence from a gravity model.pdfVIP

Assessingcross-borderintegrationof

equitymarketsintheeuroarea:

evidencefromagravitymodel

PreparedbyPabloAnayaLongaric,LisaBellinghausen,LauraParisi,Lucia

QuagliettiandFonsvanOverbeek

PublishedaspartoftheECBEconomicBulletin,Issue3/2026.

Despitesomeprogressonintegration,euroareafinancialmarketsremain

fragmented.TheEUsavingsandinvestmentsunionaimstoremovebarriersto

cross-bordercapitalflows,unlockinginvestment,loweringthecostofcapitaland

strengtheningresilience.However,thescaleofremainingfrictionsisdifficultto

qu