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Towards economic and monetary union: changing trends in payment systems for new European members


  • Callado Muñoz, Francisco José

    () (Departament d'Economia (Department of Economics) Facultat de Ciències Econòmiques i Empresarials (Faculty of Economics and Management) Universitat de Girona)

  • Utrero González, Natalia

    () (Departament d'Economia (Department of Economics) Facultat de Ciències Econòmiques i Empresarials (Faculty of Economics and Management) Universitat de Girona)


This paper makes a study of payment systems in the countries of the enlargement of the European Union for the period 1996-2003 and its comparison with the members of the European and Monetary Union. The general tendency is of a movement from cash to alternative instruments of payment. However, electronic means are not used very much and the importance of cash payments continues to be very high. The comparison with the EU15 presents significant differences that will mean an important effort for the new members in reforming and adapting their systems to the actual uses and future payment developments of the EU15. This process will be crucial both for their euro integration and the design and implementation of the single monetary policy.

Suggested Citation

  • Callado Muñoz, Francisco José & Utrero González, Natalia, 2007. "Towards economic and monetary union: changing trends in payment systems for new European members," Journal of Financial Transformation, Capco Institute, vol. 20, pages 168-174.
  • Handle: RePEc:ris:jofitr:0927

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    References listed on IDEAS

    1. Randall S. Kroszner & Philip E. Strahan, 1999. "What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1437-1467.
    2. Paul Klemperer, 1995. "Competition when Consumers have Switching Costs: An Overview with Applications to Industrial Organization, Macroeconomics, and International Trade," Review of Economic Studies, Oxford University Press, vol. 62(4), pages 515-539.
    3. Kim, Moshe & Vale, Bent, 2001. "Non-price strategic behavior: the case of bank branches," International Journal of Industrial Organization, Elsevier, vol. 19(10), pages 1583-1602, December.
    4. Avery, Robert B. & Bostic, Raphael W. & Calem, Paul S. & Canner, Glenn B., 1999. "Consolidation and bank branching patterns," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 497-532, February.
    5. Beggs, Alan W & Klemperer, Paul, 1992. "Multi-period Competition with Switching Costs," Econometrica, Econometric Society, vol. 60(3), pages 651-666, May.
    6. Erin Davis & Tara Rice, 2007. "The branch banking boom in Illinois: a byproduct of restrictive branching laws," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue May.
    7. Evren Damar, H., 2007. "Does post-crisis restructuring decrease the availability of banking services? The case of Turkey," Journal of Banking & Finance, Elsevier, vol. 31(9), pages 2886-2905, September.
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    Cited by:

    1. Francisco J. Callado-Muñoz & Jana Hromcová & Natalia Utrero-González, 2012. "Transformation of payment systems: the case of European Union enlargement," Applied Economics Letters, Taylor & Francis Journals, vol. 19(18), pages 1787-1791, December.
    2. Francisco J. Callado-Muñoz & Jana Hromcová & Natalia Utrero-González, 2014. "Effects of Institutional Environment and Technology Development on Payment Choice," Working Papers wpdea1403, Department of Applied Economics at Universitat Autonoma of Barcelona.

    More about this item


    Payment Systems; European Union; Monetary Union; Enlargement.;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G20 - Financial Economics - - Financial Institutions and Services - - - General


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