Integrating Europe's Financial Markets
International Monetary Fund, 2007 - Business & Economics - 280 pages
By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the European Union with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.
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ABN Amro analysis assessments assets balance sheet BankScope BNP Paribas C/A ratios added Chapter clearing and settlement Cluster common competition conglomerates consolidation convergence correlation costs countries crisis developments Directive diversification economic efficiency equity markets euro area Euroclear Euronext Europe Europe’s European banks European Central Bank European Commission European financial European Union example exposures financial institutions financial integration financial markets Financial Services financial stability framework financial system foreign FSAP funds Germany harmonization Herfindahl index home bias home-country ILBGs IMF staff calculations implementation increased infrastructures International International Monetary Fund investment investors issues Lamfalussy process LCFIs liquidity Luxembourg market integration mergers MiFID Monetary Netherlands Non-EU Nordea operations percent portfolio principle profitability prudential authorities regulation requirements returns revenue risk profiles role securities securitization settlement systems share solvency Solvency II Source stock markets subsidiaries supervision supervisors Table tion U.S. banks United Kingdom volatility