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European Financial Markets After EMU: A First Assessment

  • Jean-Pierre DANTHINE
  • Francesco GIAVAZZI
  • Ernst-Ludwig VON THADDEN

This paper reviews the first evidence on the impact of European Monetary Union on European capital markets, one year after the launch of the single currency. Our assessment of this evidence is very favourable. On almost all counts EMU has either changed the European financial landscape already drastically or has the potential to do so in the future. We argue that this is less due to the well-known direct effects of EMU, such as the elimination of intra-European currency risk, than to a number of indirect consequences through feedback mechanisms that seem to have been triggered by EMU.

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File URL: http://www.hec.unil.ch/deep/textes/00.03b.pdf
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Paper provided by Université de Lausanne, Faculté des HEC, DEEP in its series Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) with number 00.03.

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Length: 40 pages
Date of creation: Feb 2000
Date of revision: May 2000
Publication status: Published under the title "The Effect of EMU on Financial Markets: A First Assessment" in C. Wyplosz, ed, The Impact of EMU on Europe and the Developing Countries, Chapter 9, Oxford University Press, 2001
Handle: RePEc:lau:crdeep:00.03
Contact details of provider: Postal: Université de Lausanne, Faculté des HEC, DEEP, Internef, CH-1015 Lausanne
Phone: ++41 21 692.33.20
Web page: http://www.hec.unil.ch/deep/publications/cahiers/series
Email:


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