eu / de / rechtsgebiete / kapitalmarktrecht /. 42. for a more detailed discussion on the link between financial stability and financial literacy, see a speech given at the 5th oecd - gflec global policy research symposium to advance financial literacy, paris, may 18, 2018 : https : / / www. bundesbank. de / en / press / speeches / financial - literacyand - financial - stability - 738614. 43. schmidt and tzamourani 44. oecd 45. oecd ( 2016 ). 46. oecd 47. van rooij at al ( 2011 ), graham et al. 48. https : / / eur - lex. europa. eu / legal - content / en / txt /? uri = celex % 3a52015dc0468 49. https : / / ec. europa. eu / info / publications / mid - term - review - capital - markets - union - action - plan _ en 50. european commission 51. european commission 52. buch and riphahn 53. boissay, claessens and villegas 54. financial stability board 55. for details on an ongoing evaluation of tbtf reforms, see https : / / www. fsb. org / 2019 / 05 / fsblaunches - evaluation - of - too - big - to - fail - reforms - and - invites - feedback - from - stakeholders / 56. oecd figures figure 1 : price - based and quantity - based composite indicators of financial integration source : ecb, “ financial integration in europe ”, 2018, chart a figure 2 : total assets of the euro area financial sectors source : ecb, “ report on financial structures 2017 ”, chart 1. 1 figure 3 : financial market development across europe source : buch and bremus ( 2019 ) based on svirydzenka, katsiaryna figure 4 : the share of cross - border equity finance in europe source : bremus & buch ( 2019 ) based on external wealth of nations dataset ( lane and milesiferretti 2007 ) figure 5 : sources of external financing provided to euro area nfcs by component source : ecb, “ report on financial structures 2017 ”, chart 1. 4 figure 6 : composition of global finance flows by categories before and after the crisis source : bussiere, schmidt, and valla

figure 7 : consumption risk sharing in the euro area and its channels source : ecb ( 2018 ), p. 14. notes : the chart displays, by year, the contribution of capital markets ( via cross - border ownership of productive assets ), credit markets ( via cross - border borrowing and lending ), fiscal tools ( via public cross - border transfers ), and relative prices ( via changes in the domestic consumer price index relative to the euro area average index ) to the smoothing of country - specific shocks to real gdp growth. the respective contributions are calculated using a vector - autoregression ( var ) model whose parameters are estimated over a ten - year rolling window of annual data, applying the asdrubali and kim ( 2004 ) approach enhanced for relative price adjustments. the bars display the share of a one - standard - deviation shock to domestic gdp growth that is absorbed by each respective risk - sharing channel. the shares are computed on the basis of the cumulative impact of the shock on the variables capturing each risk sharing channel over a five - year horizon. year - toyear variations in the shares reflect changes in the re - estimated model parameters. the remaining portion represents the portion of the shock to country - specific real gdp growth that remains unsmoothed and is fully reflected in country - specific consumption growth. the individual bars may fall below 0 % if one or more of the channels involved has a dis - smoothing effect on countryspecific consumption growth. all bars together total 100 %. figure 8 : financial knowledge, attitudes and behaviour ( average scores ) source : oecd / infe international survey of adult financial literacy competencies references • bergthaler, w. et al. ( 2015 ) : “ tackling small and medium sized enterprise problem loans in europe, imf staff discussion note 2015 / 04, washington dc. • bhatia, a., s. mitra, a. weber, s. aiyar, l. antoun de almeida, c. cuervo, a. oliveira santos, and t. gudmundsson ( 2019 ) : “ a capital market union for europe ”, imf staff discussion note sdn / 19 / 07, washington dc. • boissay, f., s. claessens and a. villegas ( 2019 ) : “ financial regulation assessment : meta exercise ”, last updated march 2019, https : / / stats. bis. org / frame /, basel. • brem