European Monetary Union and International Capital Markets: Structural Implications and Risks
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Summary:
This paper analyzes the structural implications of EMU for international capital markets. It discusses the potential size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities markets, and aspects of systemic risk management. The implications for wholesale and retail banking markets are also discussed, as are the broader implications of the introduction of the euro for changes in international capital flows, international portfolios, and by implication exchange rates.
Series:
Working Paper No. 1997/062
Subject:
Banking Capital markets Competition Currencies Financial markets Money Securities markets Stock markets
English
Publication Date:
May 1, 1997
ISBN/ISSN:
9781451848250/1018-5941
Stock No:
WPIEA0621997
Pages:
61
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