Bulletin n. 3/2006
December 2006
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • European Commission
    Financial markets: adjusting to change, adjusting to EMU
    in European Economy News , October 2006 - Issue 4 ,  2006
    Every year, DG ECFIN hosts a research conference on a topical subject in European economics. On 7 and 8 September 2006, economics researchers from the EU and the US gathered in Brussels for the third annual DG ECFIN research conference on the subject of ‘Adjustment under monetary unions: financial market issues’. In an open market economy the financial markets are the main mechanism by which capital is allocated and flows: between industrial sectors, between countries and regions, and between banks and consumers. The introduction of the euro brought a huge boost to the single market for capital by reducing the costs and risks of transferring money between countries and offering the opportunity for a more efficient allocation of capital. However, while there has been some convergence, financial integration in the EU still has a long way to go. Participants at the conference discussed recent research on how the financial markets in the EU Member States have adjusted to the challenges and opportunities of monetary union and what are the lessons for the future.
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