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Reflections on the Emergence of a Single Market for Bank Reserves in a European Monetary Union

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  • Melitz, Jacques

Abstract

The emergence of a single interbank market for reserves in the EC following monetary union raises a basic dilemma for policy. Either competition is allowed to decide the location of the interbank market and the national central banks will enter the competition, or the location of this market is decided collectively from the start, but a uniform blueprint of central banking must be adopted. The sources of this dilemma and its consequences are analysed in this paper.

Suggested Citation

  • Melitz, Jacques, 1993. "Reflections on the Emergence of a Single Market for Bank Reserves in a European Monetary Union," CEPR Discussion Papers 818, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:818
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    Citations

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    Cited by:

    1. Curzio Giannini & Carlo Monticelli, 1997. "Which TARGET for monetary policy in stage three? Issues in the shaping of the European payment system," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 133(4), pages 657-682, December.
    2. Patrick Honohan, 1994. "Integration of Financial Markets in Europe: Implications for the Irish Banking System," Papers WP050, Economic and Social Research Institute (ESRI).
    3. Paul Mizen & Brian Tew, 1996. "Proposals to Ensure a Smooth Transition to European Monetary Union by 1999," The World Economy, Wiley Blackwell, vol. 19(4), pages 407-423, July.

    More about this item

    Keywords

    Central Banking; Competition in Banking; European Monetary Union; Money Market;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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