##rrencies of the euro. hence, the introduction of the single currency has resulted in more efficient and well - functioning markets, which benefit not only euro area residents, but also market participants outside the euro area. furthermore, this market still has great potential since the use of securities finance by the corporate sector, relative to bank finance, is still only about half that of its counterpart in the united states. the single currency also appears to be a catalyst for restructuring the european corporate sector, and for the emergence of new companies. the ongoing integration process of the national stock exchanges has also been supportive in this respect. primary issues of european equities have reached record highs, with whole new markets, such as the neuer markt in frankfurt, becoming prominent internationally. these developments can only favour those companies which may have found it difficult in the past to finance themselves, but which will now be able to raise equity more easily. in addition, a number of europe - wide equity indices have been established, thereby contributing to extending the trading possibilities and the position - taking opportunities for investors. alliances between stock exchanges should also foster the integration of stock market infrastructures. these changes are bound to intensify competition and make european markets more resilient and fit for the global economy. conclusion to conclude, the introduction of the euro has acted as a catalyst for promoting integration of financial markets in europe, and provides an opportunity to create a europe - wide securities market. the result will be more efficiently functioning markets which, in turn, will mean a reduced cost of capital and improved investment opportunities for businesses and individuals. this process will also enhance the depth and liquidity of financial markets, which in turn will promote stability. the european central bank contributes to this stability by pursuing a credible and transparent monetary policy. in fact, a consistent monetary policy that is committed to price stability is the best contribution that the ecb can make to the smooth functioning and integration of european financial markets. such a policy will be beneficial, as it will minimise the adverse effects of inflation and high inflation uncertainty, thereby creating conditions for steady and sound economic growth in the medium term. a stability - oriented monetary policy thus contributes to the smooth functioning of financial markets and to economic prosperity as a whole.

of course, students ’ reliance on debt and the returns from graduating vary across educational institutions. of particular interest here is recent work by raj chetty and his co - authors showing that some colleges — some of which can be found in the cuny and california state systems — appear to be much better at fostering economic mobility than others. in other words, they accept relatively large numbers of lower - income students while also producing large numbers of high earners, which means that these institutions facilitate considerable upward mobility. learning exactly how they do it and how it can be replicated strikes me as a first - order question for further study. recent research by caroline hoxby to assess differences in productivity across educational institutions makes important progress in that direction. in summary, academic research on the financing, costs, and returns of higher education is more important now than it has ever been. we are pleased to have many of those researchers participating in this conference. i would like to thank raji chakrabarti and wilbert van der klaauw and the new york fed ’ s research group for organizing this timely conference, and for bringing together this superb group of scholars. thank you all for your participation. i wish you a very productive and enjoyable conference. 1 betsy bourassa, rajashri chakrabarti, andrew haughwout, and wilbert van der klaauw assisted in preparing these remarks. 2 / 2 bis central bankers'speeches