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Financial Market Integration in the Euro Area


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  • Carl Gjersem


Although there is no single yardstick to gauge the degree of integration, there is ample evidence that financial markets in the euro area have some way to go before national demarcation lines will effectively disappear and financial market integration is satisfactory. While there has been a push towards integration from the centre, global developments, such as advances in information technology, falling communication costs and standardisation of products, have been the main drivers, while national policies often acted as an impediment. The integration of financial markets finally became a policy priority with the adoption of the FSAP as part of the Cardiff process launched in 1998. For the European Union to have a fully satisfactory regulatory framework for financial markets in place in 2005, further efforts are needed. This paper takes stock of current developments and proposes a set of further suggestions for policy action ... L'intégration des marchés financiers dans la zone euro S’il n’existe pas d’étalon unique pour jauger le degré d’intégration, il apparaît clairement que les marchés financiers de la zone euro doivent encore évoluer avant que les lignes de démarcation nationales disparaissent réellement et que l’intégration soit satisfaisante. Certes, l’intégration a bénéficié d’une impulsion centrale, mais les évolutions mondiales, notamment les percées des technologies de l’information, la baisse des coûts des communications et la standardisation des produits, en ont été les principaux moteurs, alors que les politiques nationales ont souvent agi comme un frein. L’intégration des marchés financiers est finalement devenue une priorité avec l’adoption du Plan d’action pour les services financiers (PASF) dans le cadre du processus de Cardiff lancé en 1998. De nouveaux efforts s’imposent pour qu’un cadre de réglementation des marchés financiers tout à fait appropriés soit en place dans l’Union européenne en 2005. Ce document fait le point sur l’évolution ...

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 368.

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Date of creation: 08 Oct 2003
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Handle: RePEc:oec:ecoaaa:368-en

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Keywords: government policy and regulation; economic integration; capital movements; international capital markets; international finance; mouvements de capitaux; politiques et règlement de gouvernement; zone Euro; marchés financiers internationaux; intégration économique;

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Cited by:
  1. Antonín Rusek, 2005. "Financial Integration and the New EU Member Countries: Challenges and Dilemmas," Prague Economic Papers, University of Economics, Prague, University of Economics, Prague, vol. 2005(1), pages 17-32.
  2. Denise Côté & Christopher Graham, 2004. "Convergence of Government Bond Yields in the Euro Zone: The Role of Policy Harmonization," Working Papers, Bank of Canada 04-23, Bank of Canada.
  3. Lucjan T. Orlowski & Kirsten Lommatzsch, 2005. "Bond Yield Compression in the Countries Converging to the Euro," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan wp799, William Davidson Institute at the University of Michigan.
  4. Robert-Paul Berben & W. Jos Jansen, 2005. "Bond Market and Stock Market Integration in Europe," DNB Working Papers, Netherlands Central Bank, Research Department 060, Netherlands Central Bank, Research Department.
  5. Gabrisch, Hubert & Orlowski, Lucjan T. & Pusch, Toralf, 2012. "Sovereign default Risk in the Euro-Periphery and the Euro-Candidate Countries," MPRA Paper 41265, University Library of Munich, Germany.
  6. Ad van Riet & Moreno Roma, 2006. "Competition, productivity and prices in the euro area services sector," Occasional Paper Series 44, European Central Bank.


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