A joint high-level conference has been held by the European Central Bank (ECB) and the European Commission regarding financial integration and stability.

The meeting was called to examine "the legacy of the crisis" that hit markets around the world and to explore ways of preventing a repeat of the conditions which led to it.

Held at the ECB premises in Frankfurt am Main, the talks were divided in two to allow for the presentation of reports on financial integration by both organizations.

"In the years ahead, preserving financial stability and promoting further integration of European financial markets will require consistent action by all policymakers," ECB president Jean-Claude Trichet remarked.

Presentations by the ECB and the European Commission were followed by a policy panel led by Mr Trichet and featuring financial markets experts, in addition to three research papers on the subjects under discussion

In his introductory remarks to the conference, the ECB chief said over the past two to three years "the global financial system experienced unprecedented stress", with policy makers facing never before seen challenges.