EMU is expected to foster the emergence of a European capital market and this is arguably one of the most significant gains of monetary union. On the European continent at least, capital markets are still underdeveloped and financial markets are, therefore, bank-dominated. The rise of a large and more efficient capital market changes the competitive position of banks by accelerating disintermediation.
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Paper provided by American Institute for Contemporary German Studies- in its series Papers with number
20.
Length: 29 pages Date of creation: 1996 Date of revision: Handle: RePEc:fth:amiger:20
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Find related papers by JEL classification: G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions