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

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

Abstract

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

Suggested Citation

  • Hartmann, Philipp & Maddaloni, Angela & Manganelli, Simone, 2003. "The euro area financial system: structure, integration and policy initiatives," Working Paper Series 230, European Central Bank.
  • Handle: RePEc:ecb:ecbwps:2003230
    Note: 229414
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    References listed on IDEAS

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    More about this item

    Keywords

    euro area; financial integration; financial policy; financial structure; Financial system design;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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