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The Euro-area Financial System: Structure, Integration, and Policy Initiatives

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  • Philipp Hartmann
  • Angela Maddaloni
  • Simone Manganelli

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 those of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro-area financial structure has 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. Copyright 2003, Oxford University Press.

Suggested Citation

  • Philipp Hartmann & Angela Maddaloni & Simone Manganelli, 2003. "The Euro-area Financial System: Structure, Integration, and Policy Initiatives," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 19(1), pages 180-213.
    • Handle: RePEc:oup:oxford:v:19:y:2003:i:1:p:180-213
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    More about this item

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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