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The Euro Area Financial System: Structure, Integration and Policy Initiatives

55 Pages Posted: 6 Jun 2003  

Philipp Hartmann

European Central Bank (ECB); Centre for Economic Policy Research (CEPR) - International Macroeconomics

Angela Maddaloni

European Central Bank (ECB)

Simone Manganelli

European Central Bank (ECB)

Date Written: May 2003

Abstract

Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro area financial structure evolved since 1995. We document the progress towards integration of the major euro area financial segments, namely money markets, bond markets, equity markets and banking. Finally, we discuss recent policy initiatives aimed at further improving European financial integration.

Keywords: Financial system design, financial structure, financial integration, euro area, financial policy

JEL Classification: G00, F36

Suggested Citation

Hartmann, Philipp and Maddaloni, Angela and Manganelli , Simone, The Euro Area Financial System: Structure, Integration and Policy Initiatives (May 2003). ECB Working Paper No. 230. Available at SSRN: https://ssrn.com/abstract=411593

Philipp Hartmann (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
(49 69) 1344 7356 (Phone)
(49 69) 1344 8553 (Fax)

Centre for Economic Policy Research (CEPR) - International Macroeconomics

77 Bastwick Street
London, EC1V 3PZ
United Kingdom

Angela Maddaloni

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Simone Manganelli

European Central Bank (ECB) ( email )

Kaiserstrasse 29
Frankfurt am Main, 60311
Germany

HOME PAGE: http://www.simonemanganelli.org

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