Two items were firmly on the European economic agenda in the 1990s: financial market integration and the creation of a common or single currency. The former was supposed to have been achieved in 1992 (via the Single Market Act, with some derogations), and the latter came into being on January 1, 1999. This study is concerned with a particular connection between the two themes, namely the process of financial intermediation and especially the role of banking. 1.1 Financial & Monetary Integration in Europe Up until the mid-1980s, European financial intermediation was, as else where 'on shore' in the post-war period, broadly characterised by a relatively high degree of diverse regulatory control and with cross-border restrictions (e.g., in the form of exchange controls). This resulted in the administration of interest rates and pegging of prime market yields, as well as restrictions on intermediary specialisation. Hence, it was easy to understand why price c ,etition was hardly ever seen. Within this kind of environment, banks and other financial intermediaries (OFIs) competed mainly on non-price terms - for example, through the expansion of branch networks. The Single Market Programme (SMP),l launched in 1986, was in a com plex way intended to level out and open up the domestic markets of the European Union (EU) to competition from entities in other Member States.

This book analyzes how financial liberalization affected the development of the financial crisis in Europe, with particular attention given to the ways in which power asymmetries within Western Europe facilitated financial liberalization and distributed the costs and gains from it. The author combines institutional narrative analysis with empirical surveys and econometrics, as well as country-level studies of financial liberalization and its consequences before and after the 2008 Global Financial Crisis.

The papers collected in this volume are those presented at the thirteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Luxembourg in October 1986. The Society issupported byalargenumberofcentralbanksandcommer cial banks, byother financial and business institutions, by treasury officials and by academics and others interested in monetary and financial prob lems. Since its establishment in 1963 it has developed as a forum for the exchange of information, research results and ideas, valued by academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major 'activity of SUERF is to organize and conduct Colloquia on subjects of topical interest to its mem bers. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Develop ments inBanking'andatStrasbourg, France inJanuary 1972underthe title 'Aspects ofEuropean Monetary Union'. The previous SUERF Colloquium, at Cambridge in March 1985, had as its subject 'Shifting Frontiers in Financial Markets'

This book introduces readers to the world of international financial markets and their integration on a global and regional scale. The author presents the theoretical and practical issues concerning the processes of financial market integration, with a particular focus on the monetary union. The empirical research results are based on econometric modeling, thus simplifying them for a non-specialist audience, who can instead concentrate on the author’s conclusions, which comprise the results of these complicated research methods. The author outlines the role and functions of financial markets in the economy, in particular the relationship between financial intermediaries and financial markets and tackles the question of integration of new EU member countries’ financial markets within the eurozone. The integration of financial markets in an international context is inevitable, and the author argues that we must learn how to benefit from it from in terms of economic growth. This book will be a valuable resource for students of economics and finance, particularly those studying financial management and international business and finance, as well as professionals in these fields. Further, this book will be of interest to anyone looking to discover more about the problems of globalization and the integration of financial markets into the modern economy.

This proceedings volume provides current research on emerging issues in business, economics and finance in the global economy with particular emphasis on Eastern Europe. Featuring selected papers from the 2017 International Economics Conference in Sibiu (IECS) organized by the Lucian Blaga University of Sibiu, Romania, the contributing chapters consider new business models, theories, practices and instruments from advanced and emerging economies in the context of recent global trends. After over 20 years of increasing openness and liberation of the world economy, recent events in regions such as Europe, USA and Asia have created challenges to the idea of globalization and integration. There is a delay between the real-world economic changes and the reflection of such changes in the economic research literature. The 2017 IECS conference and the enclosed papers aim to fill this gap in the study of globalization, covering diverse topics such as business administration, sustainability, corporate social responsibility, finance, accounting, tourism and business informatics.

Contemporary Financial Intermediation, 4th Edition by Greenbaum, Thakor, and Boot continues to offer a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. Instead of primarily naming and describing markets, regulations, and institutions as is common, Contemporary Financial Intermediation explores the subtlety, plasticity and fragility of financial institutions and credit markets. In this new edition every chapter has been updated and pedagogical supplements have been enhanced. For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve they do, why we suffer recurring financial crises occur and how we typically react to them. Our textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched. - Updates and expands a legacy title in a valuable field - Holds a prominent position in a growing portfolio of finance textbooks - Teaches tactics on how to recognize and forecast fluctuations in financial markets

This book is a comparative study which sheds a new empirical and theoretical light on the nature of post-communist capitalism in 11 EU new member countries of Central and Eastern Europe, or CEE11. Extending and modifying a well-established conceptual framework for comparative capitalism rooted in new institutional economics and economic sociology, it offers a better explanation for transition-specific and path-dependent factors inherent to systemic transformation. Based on a vast dataset, the book therefore illuminates the (dis)similarities among the institutional architectures in the EU countries. Thus, the book argues that the evolving capitalism in Central and Eastern Europe exhibits strong symptoms of institutional ambiguity or a "patchwork" nature which makes it a distinct category from any of the co-existing models of Western European capitalism. This book will be of key interest to scholars and students of comparative political economy, Eastern European politics, post-communist studies and more broadly to researchers in the fields of economics, European politics and the wider social sciences. It will also be of significance to journalists, policymakers, members of international organizations and consultancies with an interest in Central and Eastern Europe and in European integration.

KfW has been assigned responsibility by the German government and several other donors for projects designed to reconstruct the financial landscapes of Southeast Europe. These activities are recognized as quite successful in building sustainable financial institutions that serve the small end of the market, with special emphasis on microenterprise and small business. The KfW-managed projects have contributed to the overall stability of financial sectors and to economic recovery and growth through employment creation and investment. This book reviews experience gained and analyses the reasons for the successes achieved, options for further improvement, and scope for replicability in other transition and developing economies. A particularly interesting feature is that relatively small amounts of public funds can catalyse financial markets in volatile environments.

Potential new entrants to the European Union from Central and Eastern European countries face many challenges to achieve financial convergence with the existing EU nations. Using detailed case studies from Bulgaria, the Czech Republic, Latvia, Lithuania and Poland and analysis of cross country data from these regions, Financial and Monetary Integration in the New Europe looks at the key issues for applicant countries as they negotiate the terms of their membership in the European Union. Of major concern to these countries is the financial sector and its implications for economic growth and the conduct of macroeconomic policy. The book examines, in particular, monetary and exchange rate policies, banking regulation and financial market efficiency. The overall impact of building a market driven financial system on economic development is also explored.

Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.