Financial Integration of European Money Market: from EMU to the Global Crisis and Beyond
The scope of this article is to illustrate the general issues relevant for understanding the implications of the global crisis on European money market integration. We structured our paper on chapters that present the evolution of the considered market from the launch of euro until the financial turmoil, its main features in the actual context, and the central banks response to the rising tensions on the money market. Given its function of channeling funds to enable banks to cover their most immediate needs, the money market is by nature vulnerable and sensitive to counterparty risk. For this reason, it was strongly affected by the crisis, but was also the market where the recovery has been more prompt and evident. The assessment of the state of financial integration for the last period is made very difficult by the effects of the financial dislocations on rates and spreads across the different instruments and maturities of the money market. However, the integration and standardization of the money market are not yet complete, and further evolution can be expected.
Volume (Year): X (2010)
Issue (Month): 2 (October)
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