Gros / Lannoo The Euro Capital Market

1. Auflage 2001
ISBN: 978-0-470-84276-8
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 216 Seiten, E-Book

The authors predict that the impact will be far-reaching, leadingto a more liquid, mature and efficient capital market. Thestructure of capital markets in Europe and the behaviour of actorsin these markets will be fundamentally affected, leading to a moreintegrated market. For monetary union to achieve its realobjective, policy makers will need to address a wide variety ofoutstanding issues, in particular the taxation of savings income,accounting standards, capital market regulation and financialsupervision.
The start of monetary union on 1 January 1999 launched a process ofradical change in the structure of capital markets in Europe.Whereas previously, Europe had been fragmented into many diversenational markets, a single Euro capital market is nowemerging.
This book focuses on the long-term impact that the introduction ofthe euro will have on European capital markets and spells outimplications for the financial sector and the wider economy. Itdiscusses what further steps need to be taken to achieve a fullyintegrated market.
In particular, the book examines:
* The institutional and regulatory framework for European capitalmarkets
* The structure of European capital markets on the eve of EMU
* The regional differences and the contrasts with the US capitalmarket
* The central role played by banks in European capital markets andthe likelihood that a more market-based system may emerge
* The implications of EMU for organised securities markets
* The consequences for governance and policy, and more inparticular for the taxation of savings income, securities marketregulation and financial supervision

Autoren/Hrsg.

Gros, Daniel

Lannoo, Karel

Inhaltsverzeichnis

1. Institutional framework for the common monetary policy
2. Monetary policy for the Euro
3. Public debt
4. Seignorage
5. European capital markets: an overview
6. Intermediaries in European Capital Markets
7. Expected changes under European Monetary Union
8. The effects on markets and intermediaries
9. Inconsistencies with a Single Capital Market
10. The implications of EMU for capital market supervision
11. The implications of EMU for Prudential Control
12. Conclusion
13. Appendices
Glossary

Über Autor(innen)

Daniel Gros is Deputy Director and Senior Research Fellow at the Centre for European Policy Studies (CEPS), where he heads the Economic Policy Department. He has served on the staff of the International Monetary Fund, as an advisor to the European Commission and as a visiting Professor at the universities of Frankfurt and Leuven. He has advised the Governments of Russia, Belarus and Ukraine. Karel Lannoo is Senior Research Fellow at the Centre for European Policy Studies, directing the EU Policies and Business Strategies Unit. He has published widely on European policy matters, financial market integration and corporate governance. He is a regular contributor to the Financial Times' Financial Regulation Report and is a member of the European Shadow Financial Regulatory Committee.