European Monetary Union and International Capital Markets: Structural Implications and Risks

Author/Editor:

Garry J. Schinasi ; Alessandro Prati

Publication Date:

May 1, 1997

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper analyzes the structural implications of EMU for international capital markets. It discusses the potential size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities markets, and aspects of systemic risk management. The implications for wholesale and retail banking markets are also discussed, as are the broader implications of the introduction of the euro for changes in international capital flows, international portfolios, and by implication exchange rates.

Series:

Working Paper No. 1997/062

Subject:

Banking Capital markets Competition Currencies Financial markets Money Securities markets Stock markets

English

Publication Date:

May 1, 1997

ISBN/ISSN:

9781451848250/1018-5941

Stock No:

WPIEA0621997

Pages:

61

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