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The euro area financial system: structure, integration and policy initiatives

  • Manganelli, Simone
  • Hartmann, Philipp
  • Maddaloni, Angela

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 that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro area financial structure 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 JEL Classification: G00, F36

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Paper provided by European Central Bank in its series Working Paper Series with number 0230.

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Date of creation: May 2003
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Handle: RePEc:ecb:ecbwps:20030230
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  1. 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.
  2. Allen N. Berger & Qinglei Dai & Steven Ongena & David C. Smith, 2002. "To what extent will the banking industry be globalized? a study of bank nationality and reach in 20 European nations," International Finance Discussion Papers 725, Board of Governors of the Federal Reserve System (U.S.).
  3. 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.
  4. Andrew Ang & Angela Maddaloni, 2005. "Do Demographic Changes Affect Risk Premiums? Evidence from International Data," The Journal of Business, University of Chicago Press, vol. 78(1), pages 341-380, January.
  5. Allen N. Berger & Leora F. Klapper & Gegory F. Udell, 2001. "The ability of banks to lend to informationally opaque small businesses," Proceedings 709, Federal Reserve Bank of Chicago.
  6. Geert Bekaert & Campbell R. Harvey, 1994. "Time-Varying World Market Integration," NBER Working Papers 4843, National Bureau of Economic Research, Inc.
  7. Angeloni, Ignazio & Ehrmann, Michael, 2003. "Monetary policy transmission in the euro area: any changes after EMU?," Working Paper Series 0240, European Central Bank.
  8. Boot, Arnoud W A & Thakor, Anjan V, 1997. "Financial System Architecture," Review of Financial Studies, Society for Financial Studies, vol. 10(3), pages 693-733.
  9. 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.).
  10. 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.
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