Link to the University of Pittsburgh
Link to the University Library SystemContact us link
AEI Banner

Financial market integration in the EU: A practical inventory of benefits and hurdles in the Single Market

Gnath, Katharina and Grosse-Rueschkamp, Benjamin and Kastrop, Christian and Ponattu , Dominic and Rocholl, Jörg and Wortmann, Marcus (2019) Financial market integration in the EU: A practical inventory of benefits and hurdles in the Single Market. UNSPECIFIED.

[img] PDF - Published Version
Download (747Kb)

    Abstract

    It is 25 years since the European Union (EU) agreed to complete the European Single Market (SM) in goods, ser- vices, people, and capital. While many barriers to the free movement of capital across borders have been removed, some important practical hurdles are still in place. The euro crisis has shown that the European finan- cial sector in particular remains vulnerable and fragmented and this poses serious risks to the stability of both national economies and the euro area as a whole. In 2015, the European Commission therefore set out a list of measures to establish an integrated capital market in the EU by 2019. The first part of this policy paper analyzes the channels through which financial integration affects growth, stabil- ity, and convergence in the EU, including capital allocation, production specialization, diversification of risk, and access to investment opportunities. The second part takes stock of persisting administrative and legal hurdles that impede full market integration. In particular, this paper distinguishes between a firm-level perspective, inves- tors, and banks in its analysis. The final part provides some specific recommendations to improve the internal market for capital in the EU.

    Export/Citation:EndNote | BibTeX | Dublin Core | ASCII (Chicago style) | HTML Citation | OpenURL
    Social Networking:
    Item Type: Other
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > banks/financial markets
    EU policies and themes > Policies & related activities > economic and financial affairs > economic growth
    EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > harmonisation/standards/mutual recognition
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bertelsmann Stiftung/Foundation (Gutersloh, Germany) > Studies
    Depositing User: Daniel Pennell
    Official EU Document: No
    Language: English
    Date Deposited: 15 Apr 2020 11:08
    Number of Pages: 20
    Last Modified: 15 Apr 2020 11:08
    URI: http://aei.pitt.edu/id/eprint/102686

    Actions (login required)

    View Item

    Document Downloads