Can European Banks Survive a Unified Currency in a Nationally Segmented Capital Market?
AbstractThe euro was expected to become a substitute for the U.S. dollar as an international currency. However, compromises made during its creation make it a less than perfect substitute in the medium term. Among these compromises was the application of macro convergence and micro diversity in financial markets and supervision at the national level. This now prevents the creation of a unified capital market and places EU banks at a disadvantage when competing with U.S. banks in global markets. There were also peculiarities in the integration process that led to a single currency in the United States that suggest further institutional changes will be necessary.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0004052.
Length: 25 pages
Date of creation: 26 Oct 2000
Date of revision:
Note: Type of Document - Adobe Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 25; figures: included
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Other versions of this item:
- Jan A. Kregel, 2000. "Can European Banks Survive a Unified Currency in a Nationally Segmented Capital Market?," Economics Working Paper Archive wp_305, Levy Economics Institute, The.
- E - Macroeconomics and Monetary Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2001-02-14 (All new papers)
- NEP-FMK-2001-02-14 (Financial Markets)
- NEP-IFN-2001-02-14 (International Finance)
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.:
- Allen N. Berger & Robert DeYoung & Hesna Genay & Gregory F. Udell, 2000.
"Globalization of financial institutions: evidence from cross-border banking performance,"
Finance and Economics Discussion Series
2000-04, Board of Governors of the Federal Reserve System (U.S.).
- Allen N. Berger & Robert DeYoung & Hesna Genay & Gregory F. Udell, 1999. "Globalization of financial institutions: evidence from cross-border banking performance," Working Paper Series WP-99-25, Federal Reserve Bank of Chicago.
- Patricia S. Pollard, 2001. "The creation of the Euro and the role of the dollar in international markets," Review, Federal Reserve Bank of St. Louis, issue May, pages 17-36.
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