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The Impact of EMU on Europe and the Developing Countries$
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Charles Wyplosz

Print publication date: 2001

Print ISBN-13: 9780199245314

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199245314.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 11 May 2021

European Financial Markets after EMU: A First Assessment

European Financial Markets after EMU: A First Assessment

Chapter:
(p.225) 9 European Financial Markets after EMU: A First Assessment
Source:
The Impact of EMU on Europe and the Developing Countries
Author(s):

Jean-Pierre Danthine

Francesco Giavazzi

Ernst-Ludwig Von Thadden

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199245314.003.0009

A widely expected impact of the European Monetary Union (EMU) concerns the use of the euro as a reserve currency and represents a challenge to the dollar as the world's dominant currency. It also opens the possibility for the creation of the world's largest domestic financial market in Europe. While a single currency is a necessary condition for the emergence of pan-European capital markets, it is, however, not a sufficient one. Several conditions have to be met and the evolution of world finance after EMU is likely to be characterized by multiple equilibria. This chapter reviews the first evidence in this question, after one year of EMU.

Keywords:   Monetary Union, EMU, euro, capital markets

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