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European Banking with a Single Currency

  • Jean Dermine

At the Madrid summit in December 1995, the EU heads of state or government endorsed a three-phase plan for the introduction of the single currency. The purpose of the paper is to identify how, besides an obvious fall in revenue from intra-European currencies trading, a single currency will alter fundamentally and permanently European banking markets. A common currency will likely change the sources of competitive advantage in various markets such as those of government bonds and their fast growing appendices the interest rate derivative markets, of corporate bonds and equities, of foreign exchange, and of fund management. The benefits derived from the creation of a leading international currency are discussed, and the impact of a single currency on credit risk is evaluated. This paper was presented at the Financial Institutions Center's October 1996 conference on "

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Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number 96-54.

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Date of creation: Aug 1996
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Handle: RePEc:wop:pennin:96-54
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  1. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
  2. W G Poortvliet & T P Laine, 1994. "A Global Trend: Privatization and Reform of Social Security Pension Plans," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 19(3), pages 257-286, July.
  3. McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 1-44, March.
  4. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
  5. Alogoskoufis, George & Portes, Richard, 1990. "International Costs and Benefits from EMU," CEPR Discussion Papers 424, C.E.P.R. Discussion Papers.
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