As time elapses since the introduction of the Euro, it is legitimate to start asking what impact the new currency and the single monetary policy have had on European integration. This book provides the most comprehensive review of financial integration in the euro area. The volume includes an introduction to the institutional features of the euro area and the literature on financial integration. It examines developments in the financial structures at large and moves forward to focus on specific areas pertaining to financial intermediaries, the bond and equity markets, and market-based debt finance. It is particularly suited to researchers and students of developments in the euro area, central banking, money and banking, as well as international relations and international business more generally. While the introductory chapters will help in bringing undergraduates on board, the later chapters will particularly benefit the early graduate student as well as the professional observer.
Contents: Introduction, summary and some final remarks, Jesper Berg, Mauro Grande and Francesco Paolo Mongelli. Some Background Information and International Comparisons: Some international comparisons of the economic and financial structure of the Euro area, Jung-Duk Lichtenberger; A brief comparison of the Eurosystem, the US Federal Reserve system, and the Bank of Japan, Dieter Gerdesmeier, Jung-Duk Lichtenberger and Francesco Paolo Mongelli; Concepts and measures of financial integration, Annalisa Ferrando and Jukka Vesala; EU policies to support financial integration, Frank Dierick. Changes in the Financial Structure: How are Euro area financial structures changing? Angela Maddaloni and Christoffer Kok Sørensen. Elements of Integration across Financial Services and Markets: What effects is EMU having on integration of financial services? Frank Dierick and Jukka Vesala; Integration of the money market in the Euro area, Tom Bernhardsen and Steen Ejerskov; Bond and equity market integration, Lieven Baele and Annalisa Ferrando. A Case Study: the Integration of Transmission Processes: External finance premia in the Euro area: stage three of EMU versus stage two, Gabe de Bondt; Index.