Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2004 | nr 25 A New All-European Development Model in an Enlarged EU : Social and Economic Aspects | 131--173
Tytuł artykułu

Financial Integration Policy in the EU.Perspectives and Challenges

Warianty tytułu
Języki publikacji
This paper deals with the background and evolution, as well as the challenges currently facing financial integration policy in the EU. It is argued that the EU approach to the financial services sector has been largely conditioned by the central objectives of EU economic policy. Accordingly, the introduction of the Euro in the late 90s led to a new impetus in this area. As a result, a new regulatory framework is being set up, pertaining especially to the EU capital markets. This is to eliminate national boundaries across markets and to replace national legislation in the EU member states. To the extent that financial integration policy is biased towards economic considerations, as opposed to social and political ones, it displays the same type of imbalances as the EU process of integration and construction more generally. These imbalances however put its long-term viability into question. This is especially the case, in view of the latest enlargement of the EU and the "newness", as well as fragility, of the financial services sectors of the new member states. (original abstract)
  • National Bank of Greece Group
  • Adam, K., T. Jappelli, A. Menichini, M. Padula and M. Pagamo (2002), « Analyse, compare and apply alternative indicators and monitoring methodologies to measure the evolution of capital market integration in the EU", CSEF, University of Salerno.
  • Arestis Ph., (2003) "Financial Sector Reforms in Developing Countries with Special Reference to Egypt", WP No 383, The Levy Economics Institute of Bard College.
  • Arestis Ph., A.D. Luintel and K.B.Luintel, (2004), "Does Financial Structure Matter?", WP No 399, The Levy Economics Institute of Bard College.
  • Arestis Ph., M. Nissanke and H. Stein, (2003) "Finance and Development: Institutional and Policy Alternatives to Financial Liberalization", WP No. 377, The Levy Economics Institute of Bard College.
  • Aybar S. and C. Lapavitsas, (2001) "Financial system design and the post-Washinton consensus" in Fine, B., C. Lapavitsas and J. Pincus (eds.), Development Policy in the Twenty-First Century, Routledge, London.
  • Backe P. and Ch. Thimann, (2004) "The acceding countries' strategies towards ERM II and the adoption of the euro: An analytical review", ECB, OPS No. 10, February.
  • Caviglia, G., G. Krause and Ch. Thimann, (2002) "Key features of the financial sectors in EU accession countries", in Thimann, Ch. (ed.) Financial Sectors in EU accession countries, ECB.
  • Commission of the European Communities, (1999) "Financial Servies: Implementing the framework for financial markets - Action Plan", COM (1999)232.
  • Commission of the European Communities, (2002) "Report on the Implementation of the 2001 Broad Economic Policy Guidelines", ECFIN/16/02.
  • Commission of the European Communities, (2003) 'Tracking EU financial integration" SEC(2003)628.
  • Commission of the European Communities, (2003a) "Report on the Implementation of the 2002 Broad Economic Policy Guidelines", COM(2003)4 final.
  • Commission of the European Communities, (2003b) "Financial Services: The FSAP enters the Home Straight", 9th Report.
  • Commission of the European Communities, (2003c) Report on the Implementation of the RCAP", COM(2003)654 final.
  • Commission of the European Communities, (2004) "Report on the Implementation of the 2003-2005 Broad Economic Policy Guidelines", COM(2004)20 final.
  • Danthine, J.P., Giavazzi, G., Vives, X. and Von Thadden, E.L. (1999) « The Future of European Banking », Monitoring European Integration 9, CEPR.
  • ECB, (2003a) "Developments in the debt financing of the Euro area private sector", Monthly Bulletin, November.
  • ECB, (2003b) "Recent Developments in financial structures of the Euro area", Monthly Bulletin, October.
  • ECB, (2003c) "The integration of Europe's financial markets", Monthly Bulletin, October.
  • ECB, (2003d) "Recent Developments in the Euro area banking sector", Monthly Bulletin, August.
  • ECB, (2004) "The acceding countries' economies on the threshold of the European Union", Monthly Bulletin, February.
  • European Economy, (2002) "Update of the Report on Macroeconomic and Financial Sector Stability Developments in Candidate Countries", No. 11.
  • Frangakis, M., Grahl, J., Huffschmid, J. and Plihon, D. (2002) "Financial Markets in the EU - Policy Developments and Proposals for Alternatives", paper prepared for the 8th Workshop on Alternative Economic Policy in Europe, Brussels, 27-28 September.
  • Frangakis, M., (2002) "Globalization and Structural Change: The Challenge to Regulation and Supervision" in Kintis, A., Koveos P.A., Paraskevopoulos C. and Baltas N. (eds) Money and Finance in the Global Economy, Studies in Economic Transformation and Public Policy, APF Press, Toronto, Canada.
  • Frangakis, M., (2001) "The financial implications of EMU for the C.E.E. countries with reference to the Greek case" in Die Europäische Zentralbank. Macht auber kontrolle?, Rosa-Luxembrug-Stiftung, International Conference, 8-9 November.
  • Frangakis, M., (1998) "Bank Reform in Greece with reference to Eastern Europe", Discussion Paper No. 98/11, CERT, Heriot-Watt University, Edinburgh.
  • Giannetti, M., Guiso, L., Jappelli, T., Padua, M. and Pagano, M. (2002) "Financial Market Integration, Corporate Financing and Economic Growth", European Economy No. 179, November.
  • Grahl, J., (2003) "Problems of Financial Integration in the EU", Contribution to the UACES Conference, Newcastle, September.
  • L.M.F., (2004) "Euro Adoption: the Next Step in European Integration", Key points from the IMF staff study, Brussels Economic Forum, April.
  • Issing, O. (2001) "Economic and Monetary Union in Europe: political priority versus economic integration?", paper prepared for the 2001 Conference of the European Society for the History of Economic Thought, February.
  • Kern, A., (2003) "European Securities Regulation and Financial Markets", Cambridge Endowment for Research in Finance, Univ. of Cambridge.
  • Kominek Z., (2003) "Stock markets and industry growth: an eastern European perspective", EBRD WP No. 81.
  • Levine, R. and Zervos, S. (1996) "Stock market development and long run growth", The World Bank Economic Review, 10(2).
  • London Economics, (2002) "Quantification of the Macro-Economic Impact of Integration of EU Financial Markets", London Economics in association with PricewaterhouseCoopers and Oxford Economic Forecasting, November.
  • McKinnon, R., (1973) "Money and Capital in Economic Development", Brookings Institution, Washington D.C.
  • McKinnon, R., (1993) "The order of financial liberalization", Baltimore: John Hopkins Press.
  • Mongelli F. P., (2002) " "New" Views on the optimum currency area theory: What is EMU telling us?", ECB WP No. 138.
  • Rajan, R. and Zingales, L., (2003) "Banks and Markets: The Changing Character of European Finance" in The transformation of the European Financial System, Second ECB Central Banking Conference.
  • Shaw K., (1973) "Financial Deepening in Economic Development", N.Y. Oxford University Press.
  • Stiglitz J.E., (1989) "Financial Markets and Development" in Oxford Review of Economic Policy, 5(4).
  • Stiglitz J.E., (1994) "The role of the state in financial markets" in World Bank Proceedings of the World Bank Annual Conference on Development Economics, 1993, World Bank, Washington D.C.
  • Tavlas, G.S. (1993) "The "New" Theory of Optimum Currency Areas", The World Economy.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.