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European financial integration and its implications for the United States

Author: Walter, Ingo INSEAD Area: Economics and Political ScienceIn: AEI conference volume; American Enterprise Institute, 1990 Language: EnglishType of document: INSEAD ChapterNote: Please note that no copies are availableAbstract: This chapter examines the implications of financial market integration in the EC for United States banking and securities markets and institutions. It briefly traces the process of European monetary integration through the 1970s and 1980s, from the end of Bretton Woods to the 1989 agreement in principle to proceed to a European Monetary Union (EMU). It then considers the state of the debate on problems of macroeconomic policy convergence to the extent that these are relevant to the creation of a unified EC financial market. The paper goes on to discuss the evolution of that market, with specific reference to cross-border bank lending, securities new issues, secondary market brokerage and trading, investment management, financing of foreign direct investment activity, and to mergers and acquisitions. It also focuses on the financial markets playing-field that is being shaped by the EC banking and securities directives, as well as tax and investment policies
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This chapter examines the implications of financial market integration in the EC for United States banking and securities markets and institutions. It briefly traces the process of European monetary integration through the 1970s and 1980s, from the end of Bretton Woods to the 1989 agreement in principle to proceed to a European Monetary Union (EMU). It then considers the state of the debate on problems of macroeconomic policy convergence to the extent that these are relevant to the creation of a unified EC financial market. The paper goes on to discuss the evolution of that market, with specific reference to cross-border bank lending, securities new issues, secondary market brokerage and trading, investment management, financing of foreign direct investment activity, and to mergers and acquisitions. It also focuses on the financial markets playing-field that is being shaped by the EC banking and securities directives, as well as tax and investment policies

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