In this book, leading financial professionals and academics examine the prospects for the European single currency, widely seen as heralding a 'quantum leap' for the European financial markets.
In this book leading financial professionals and academics examine the prospects for the European single currency. The impact of the Euro is assessed in terms of risks and opportunities for financial intermediaries, challenges for monetary and supervisory authorities and issues for portfolio management and corporate finance.
List of figures vii List of tables x List of contributors xiv Acknowledgements xvi List of abbreviations xviii Introduction xviii KEYNOTE SPEECHES 1(56) The euro: a challenge to, and opportunity for, financial markets 3(8) Hans Tietmeyer Critical years for the global financial markets 11(8) Ernst-Moritz Lipp `One size fits all? EMU and Procrustes 19(10) Michael Artis Evolving ambitions in Europes monetary unification: the Robert Marjolin Lecture 29(28) Niels Thygesen COMMISSION 1 Risks and opportunities for commercial banks and other financial intermediaries 57(110) Indicators of potential excess capacity in EU and US banking sectors 59(33) E. Philip Davis Sinikka Salo EMU and the structure of the European banking system 92(31) Olivier De Bandt Eurobanking: the strategic issues 123(16) Jean Dermine Are financial conglomerates and universal banks efficient? Evidence from European banking 139(28) Rudi Vander Vennet COMMISSION 2 Challenges to monetary and supervisory authorities 167(90) Managing the euro in a tri-polar world 169(37) John Arrowsmith Ray Barrell Christopher Taylor Are European central banks over-capitalized? 206(21) Daniel Gros Franziska Schobert Will the European Central Bank be the lender of last resort in EMU? 227(30) Alessandro Prati Garry Schinasi COMMISSION 3 Issues for portfolio management and corporate finance 257(128) The effects of the euro on portfolio allocation 259(25) Andrea Beltratti Delivering the benefits of EMU: securitization 284(26) Graham Bishop The impact of EMU on portfolio management 310(21) Martin Brookes Credit risk and ratings after the euro 331(19) Christopher Huhne Prospects for the exchange rate of the euro 350(35) Robert N. Mccauley Index 385
Axel Weber, Michael Artis, Elizabeth Hennessy
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