We analyze how financial crises affect international financial integration, exploiting euro-areaproprietary interbank data, crisis and monetary shocks, and loan terms to the same borrower-dayby domestic versus foreign lenders. Crisis shocks reduce the supply of cross-border liquidity,with stronger volume than pricing effects, thereby impairing international financial integration.On the extensive margin, there is flight to home but independently of quality. On the intensivemargin, however, GIPS-headquartered debtor banks suffer in the Lehman crisis, but effects arestronger in the sovereign-debt crisis, especially for riskier banks. Nonstandard monetary policyimproves interbank liquidity, but without fostering strong cross-border financial re-integration.