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EMU and Financial Integration

Philip R. Lane

Abstract

We assess the impact of the euro on financial integration. We document how the single currency has re-shaped financial markets and international investment patterns. We address the macroeconomic implications of enhanced financial integration, with a particular focus on the shift in net capital flows and the extent of international risk sharing. Finally, we outline the challenges posed by increased financial integration for the ECB and other European policymakers.


Last updated 28 August 2014 by IIIS (Email).