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The Euro-area Financial System: Structure, Integration, and Policy Initiatives

  • Philipp Hartmann
  • Angela Maddaloni
  • Simone Manganelli

Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro-area financial systems and related policy initiatives. We first compare the euro-area financial structure with those of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro-area financial structure has evolved since 1995. We document the progress towards integration of the major euro-area financial segments, namely money markets, bond markets, equity markets, and banking. Finally, we discuss recent policy initiatives aimed at further improving European financial integration. Copyright 2003, Oxford University Press.

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Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 19 (2003)
Issue (Month): 1 ()
Pages: 180-213

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Handle: RePEc:oup:oxford:v:19:y:2003:i:1:p:180-213
Contact details of provider: Web page: http://oxrep.oupjournals.org/

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  1. Allen N. Berger & Robert DeYoung & Gregory F. Udell, 2000. "Efficiency barriers to the consolidation of the European financial services industry," Finance and Economics Discussion Series 2000-37, Board of Governors of the Federal Reserve System (U.S.).
  2. Andrew Ang & Angela Maddaloni, 2003. "Do Demographic Changes Affect Risk Premiums? Evidence from International Data," NBER Working Papers 9677, National Bureau of Economic Research, Inc.
  3. Berger, Allen N. & Dai, Qinglei & Ongena, Steven & Smith, David C., 2003. "To what extent will the banking industry be globalized? A study of bank nationality and reach in 20 European nations," Journal of Banking & Finance, Elsevier, vol. 27(3), pages 383-415, March.
  4. Franklin Allen & Douglas Gale, 1994. "A welfare comparison of intermediaries and financial markets in Germany and the U.S," Working Papers 95-3, Federal Reserve Bank of Philadelphia.
  5. Angeloni, Ignazio & Ehrmann, Michael, 2003. "Monetary policy transmission in the euro area: any changes after EMU?," Working Paper Series 0240, European Central Bank.
  6. Berger, Allen N. & Klapper, Leora F. & Udell, Gregory F., 2001. "The ability of banks to lend to informationally opaque small businesses," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2127-2167, December.
  7. Bekaert, Geert & Harvey, Campbell R, 1995. " Time-Varying World Market Integration," Journal of Finance, American Finance Association, vol. 50(2), pages 403-44, June.
  8. Kpate ADJAOUT√Č & Jean-Pierre DANTHINE, 2003. "European Financial Integration and Equity Returns: A Theory-Based Assessment," FAME Research Paper Series rp84, International Center for Financial Asset Management and Engineering.
  9. Agnes Belaisch & Joaquim Vieira Ferreira Levy & Laura E. Kodres & Angel J. Ubide, 2001. "Euro-Area Banking At the Crossroads," IMF Working Papers 01/28, International Monetary Fund.
  10. Boot, Arnoud W A & Thakor, Anjan, 1995. "Financial System Architecture," CEPR Discussion Papers 1197, C.E.P.R. Discussion Papers.
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