TY  - JOUR
AU  - Danthine,Jean-Pierre
AU  - Giavazzi,Francesco
AU  - Thadden,Ernst-Ludwig von
TI  - European Financial Markets After EMU: A First Assessment
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8044
PY  - 2000
Y2  - December 2000
UR  - http://www.nber.org/papers/w8044
L1  - http://www.nber.org/papers/w8044.pdf
N1  - Author contact info:
Francesco Giavazzi
Universita' Bocconi and IGIER
Via Guglielmo Rontgen, 1
Milan 20136
ITALY
Tel: 0039-02-5836-3304
Fax: 0039-02-5836-3302
E-Mail: francesco.giavazzi@unibocconi.it

Ernst-Ludwig von Thadden
University of Mannheim
Tel: 49 621 181 1915
E-Mail: vthadden@pool.uni-mannheim.de
AB  - This paper reviews the first evidence on the impact of European Monetary Union on European capital markets, one year after the launch of the single currency. Our assessment of this evidence is very favourable. On almost all counts EMU has either changed the European financial landscape already drastically or has the potential to do so in the future. We argue that this is less due to the well-known direct effects of EMU, such as the elimination of intra-European currency risk, than to a number of indirect consequences through feedback mechanisms that seem to have been triggered by EMU.
ER  -