Few aspects of the European integration project have been as difficult and fraught with political conflict as the creation of a single financial market and monetary union. In this book, Jonathan Story and Ingo Walter trace the political, financial, and economic steps toward financial union in Europe. They focus on the political economy of the process -- specifically, the dynamics of a Europe of sovereign states reflecting deep-seated differences in ideas about how financial institutions should be organized and regulated, how companies should be governed, what the relationships between financial institutions and nonfinancial firms should be, and what role the state should play in allocating capital and governing corporations. Monetary union, the authors conclude, represents a revolutionary step toward the creation of an integrated financial market that will eventually rival the largest capital market in the world, the United States. Within Europe, it will effectively abolish national capital markets and create a relatively level playing field in finance based on the Anglo-American model of financial intermediation, with major implications for the financial services sector, nonfinancial corporations, and public policy.
- ISBN10 0585159777
- ISBN13 9780585159775
- Publish Date December 1997 (first published 21 August 1997)
- Publish Status Active
- Publish Country GB
- Imprint MIT Press Ltd
- Format eBook
- Language English