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Can European Banks Survive a Unified Currency in a Nationally Segmented Capital Market?

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  • Jan A. Kregel

    (Jerome Levy Econ Inst & Univ of Bologna)

Abstract

The 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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File URL: http://128.118.178.162/eps/mac/papers/0004/0004052.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0004052.

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Length: 25 pages
Date of creation: 26 Oct 2000
Date of revision:
Handle: RePEc:wpa:wuwpma:0004052

Note: Type of Document - Adobe Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 25; figures: included
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Web page: http://128.118.178.162

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  1. 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.).
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Cited by:
  1. 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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