European Financial Integration

Leading international experts examine the implications of integration for the monetary structure of the European community.

Alberto Giovannini (Edited by), Colin Mayer (Edited by)

9780521428903, Cambridge University Press

Paperback, published 5 March 1992

372 pages
22.8 x 15.1 x 2.3 cm, 0.513 kg

Capital markets are affected at least as much as goods markets by the European Community's drive for greater economic integration. The removal of capital controls on 1 July 1990 has far-reaching consequences for the EMS and for cross-border investment, and plans for economic and monetary union foreshadow fundamental upheavals at the heart of the financial system, in central banking and monetary and fiscal policy. This volume reports the proceedings of a conference on European financial integration held in Rome in January 1990, which was organised by the Centre for Economic Policy Research and the Instituto Mobiliare Italiano. In this volume, leading international experts examine the implications of integration for the structure and regulation of capital markets, the changing relationships between the corporate and banking sectors throughout the Community, the distortionary effects of differing taxation policies among member states and possible means of overcoming them, and alternative routes to European monetary union.

List of figures
List of tables
Preface
List of conference participants
Foreword
1. Introduction
2. Banking competition and European integration
3. Banking, financial intermediation and corporate finance
4. How (not) to integrate the European capital markets
5. European financial regulation: a framework for policy analysis
6. Corporate mergers in international economic integration
7. Capital flight and tax competition: are there viable solutions to both problems?
8. Reflections of the fiscal implications of a common currency
9. Currency competition and the transition to monetary union: does competition between currencies lead to price level and exchange-rate stability?
10. Currency competition and the transition to monetary union: currency competition and the evolution of multi-currency regions
11. Problems of European monetary integration
Index.

Subject Areas: Monetary economics [KCBM]