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Financial Market Integration

• Cappiello, L., Ph. Hartmann, R. Hordahl, A. Kadareja and S. Manganelli (2005), "The Impact of the Euro on Financial Markets", What effects is EMU having on the euro area and its member countries, ECB conference 16-17 June 2005

Report by the ECB-CFS Research Network on "Capital Markets and Financial Integration in Europe". December 2004

• Pagano, Marco and von Thadden Ernst-Ludwig (2004), The European Bonds Market Under EMU

• Baele, Lieven, Annalisa Ferrando, Peter Hördahl, Elizaveta Krylova and Cyril Monnet (2004), Measuring financial integration in the euro area, ECB Occasional Paper No. 14

• Blanchard, O and F.Giavazzi (2002) "Current Account deficits in the Euro Area: The end of the Feldstein-Horioka Puzzle?", mimeo MIT.

• Peree, E. and F. Steinherr (2001) " The Euro and capital markets: a new era", The World Economy.

• European Commission (2001): Report of the Committee of Wise Men on the Regulation of European Securities Markets (Lamfalussy report)

• European Central Bank (2001) The Euro Bond Market, Occasional Papers, July.

• Hartmann, Philipp and Carsten Detken (2000), The euro and international capital  markets, ECB Working  Paper No. 19

• Javier Santillán, Marc Bayle and Christian Thygesen (2000), The impact of the euro on money and bond markets ECB Occasional Paper No. 1

• Christian Noyer (2000), The outlook for the euro area economy and its financial  markets,  EN   

• McCauley, Robert N. and William R. White (1997)
The Euro and European financial markets, BIS Working Paper 41.

• O. de  Bandt and E. P. Davis (1999), A cross-country comparison of market structures in European banking, ECB Working Paper No. 7

• Wayne E. Ferson, Campbell R. Harvey (1999), Economic, Financial, and Fundamental Global Risk In and Out of the EMU, NBER WP 6967

Financial Systems and Monetary Policy back to top

The role of Financial Frictions...

Stephen Cecchetti (1999), Legal Structure, Financial Structure and the Monetary Transmission Mechanism

• Faia, Ester (2002), Monetary policy in a world with different financial systems, ECB WP 183.

• Simon Gilchrist, Jean-Olivier Hairault and Hubert Kempf (2002), Monetary policy and the Financial Accelerator in a Monetary Union, ECB WP 175.

de Bondt, Gabe (1999), Credit channels and consumption in Europe: empirical evidence, BIS Working Paper 69

Lender of last resort / surveilance...

• Duisenberg, Wim (2000) The future of banking supervision and the integration of financial markets

• Padoa-Schioppa, Tommaso (1999) EMU and banking supervision, Lecture at the London School of Economics

• ECB (1999), Possible effects of EMU on the EU banking systems in the medium to long term

• IMF (1999) EMU, Banking System Performance, and Supervision and Regulation, International Captial Markets.

• Giannini, Curzio (1999), "Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function, IMF Working Paper No. 99/10

• ZEI (1999), Financial Supervision and Policy Coordination in the EMU, Policy Paper

• Prati, Alessandro and Garry J. Schinasi (1998), Ensuring Financial Stability in the Euro Area, IMF Finance and Development

• Deppler, Michael C. (1998), The Implications of EMU for IMF Surveillance, IMF Finance and Development

Financial Stability back to top

Report on EU banking structure ECB November 2004

• EU banking system stability ECB November 2004

• Feldstein, Martin (2005), The Euro and the Stability Pact, NBER WP 11249

Portes, Richard (2002), The European Contribution to International Financial Stability CEPR WP 2956

• Portes, Richard (2002), The Euro and the Financial System CEPR WP 2955

International Lender of Last Resort and Moral Hazard: a Model of IMF's catalytic finance, Giancarlo Corsetti, Bernardo Guimaraes and Nouriel Roubini

Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending Cottarelli, Carlo | Giannini, Curzio IMF working paper

Reports and books...

Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies by Nouriel Roubini and
Brad Setser

• IMF (September 2004), Global Financial Stability Report

IMF (September 2004) , The Global House Price Boom, World Economic Outlook, Chapter II

• BIS, Quarterly Review: International Banking and Financial Market Developments March, 2004, First issue.

• ECB, EU banking sector stability November, 2003

IMF, Global Financial Stability Report, September 2003

Bank of England, Financial Stability Review, December 2003

Sveriges Riksbank, Financial Stability Report, November 2003

• Banco de Espana, Financial Stability Report, November 2003

• Norges Bank, Financial Stability Report, November 2003

• Austria, Financial Stability Report, November 2003

Australia, Annual Report, September 2003

Deutsche Bundesbank
Report on the financial stability of the German financial system
, December 2003

• Bank of Canada, Financial System Review, semiannual
December 2003

Finland, Financial Stability, Special Issue 2003.

Bank of France, Financial Stability Review, November 2003

Diversification and Risk Sharing back to top

Lewis, Karen (1996) "What can explain the apparent lack of international consumption risk-sharing?", Journal of political Economy, 104, pp.267-297

Asdrubali,P., Sorenson, P.E. and O.Yosha (1996) "Channels of interstate risk-sharing: United States, 1963-90", Quarterly Journal of Economics, 111, pp.1081-1110.

Sorenson, B.E. and O.Yosha (1998) "International Risk-sharing and European Monetary Unification", Journal of International Economics, 45, pp.211-238.

Sebnem Kalemi-Ozcan, Bent Sorensen, and Oved Yosha (1998), Risk-Sharing and Specialization:Regional and International Evidence


European Commission: Financial Services Action Plan
Basel Committee on Banking Supervision
Financial Stability Institute (BIS)
Financial Services Autority (UK)
Financial Stability Forum
Page updated: 23/11/05