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The Euro and Financial Integration

Philip Lane and Sébastien Wälti


We provide a quantitative analysis of the impact of the euro on European financial integration. We consider both volume- and price-based indicators. In general, we find evidence that common membership of the euro area strengthens bilateral financial linkages. However, we emphasize that EMU has only been one innovation driving European financial integration in recent years, with global factors also increasingly important.

Last updated 28 August 2014 by IIIS (Email).