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The Implications Of Economic And Monetary Union In Sustaining European Money Market Integration

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  • AVADANEI ANDREEA

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    (Alexandru Ioan Cuza University)

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    Abstract

    The first ten years of the Economic and Monetary Union have generated a remarkable increase in financial integration, even if the extent of convergence varies across different sectors within the overall European financial system. The scope of this article is to illustrate the general issues relevant for understanding European financial integration by focusing on the money market. The link between the money market and the framework for implementing the single monetary policy makes it the natural starting point when trying to point out the impact of the introduction of the common currency on European financial market integration. Among the various segments of the euro money market, the inter-bank unsecured deposit market has achieved the highest degree of integration and, since the start of Stage Three of EMU, has performed an important role in ensuring the smooth redistribution of liquidity among euro area credit institutions irrespective of their geographical location. The 2007/2008 turmoil has led to increased segmentation in the euro area money market. The assessment of the state of financial integration for the last period is made very difficult by the effects of the financial dislocations on rates and spreads across the different instruments and maturities of the money market. However, the integration and standardization of the money market are not yet complete, and further evolution can be expected.

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    File URL: http://conference.ubbcluj.ro/mccs/RePEc/bbu/wpaper/1-6.pdf
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    Paper provided by Faculty of Economics and Business Administration, Babes-Bolyai University in its series Description: Managerial Challenges of the Contemporary Society with number 1.

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    Length: 6 pages
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    Handle: RePEc:bbu:wpaper:1

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    Web page: http://econ.ubbcluj.ro

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    1. Gikas A. Hardouvelis & Dimitrios Malliaropulos & Richard Priestley, 2006. "EMU and European Stock Market Integration," The Journal of Business, University of Chicago Press, vol. 79(1), pages 365-392, January.
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    7. Gabriele Galati & Kostas Tsatsaronis, 2001. "The impact of the euro on Europe's financial markets," BIS Working Papers 100, Bank for International Settlements.
    8. Kpate ADJAOUTÉ & Jean-Pierre DANTHINE, 2003. "European Financial Integration and Equity Returns: A Theory-Based Assessment," FAME Research Paper Series rp84, International Center for Financial Asset Management and Engineering.
    9. Javier Santillán & Marc Bayle & Christian Thygesen, 2000. "The impact of the euro on money and bond markets," Occasional Paper Series 1, European Central Bank.
    10. Philipp Hartmann & Angela Maddaloni & Simone Manganelli, 2003. "The Euro-area Financial System: Structure, Integration, and Policy Initiatives," Oxford Review of Economic Policy, Oxford University Press, vol. 19(1), pages 180-213.
    11. Ewerhart, Christian & Tapking, Jens, 2008. "Repo markets, counterparty risk and the 2007/2008 liquidity crisis," Working Paper Series 0909, European Central Bank.
    12. Markus K. Brunnermeier, 2008. "Deciphering the Liquidity and Credit Crunch 2007-08," NBER Working Papers 14612, National Bureau of Economic Research, Inc.
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