The transformation of finance in Europe:introduction and overview
AbstractThis paper introduces the topic of Europe's changing financial landscape and highlights the findings of the contributions to this volume of the EIB Papers. Key points emerging from this overview include: (i) a variety of factors are reshaping Europe's finance, notably the Single Market, EMU, demographic trends, increasing wealth, technological progress, and financial innovation; (ii) further integrating Europe's financial systems, across borders and segments, should significantly increase economic welfare; (iii) although the functions that financial systems perform are being reallocated - implying a move towards the Anglo-Saxon paradigm - banks will remain important and should maintain their comparative advantage in financing small and medium-sized enterprises; (iv)the economic case in favour of a move towards funded pension systems - which would boost capital markets - is not as compelling as often assumed.
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Bibliographic InfoPaper provided by European Investment Bank, Economics Department in its series EIB Papers with number 1/2003.
Length: 25 pages
Date of creation: 09 Jun 2003
Date of revision:
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Single Market; EMU; demographic trends; banks; SMEs; Capital Markets; financial innovation;
Find related papers by JEL classification:
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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