The effects of the euro on financial markets, activity and structure
The introduction of a single currency in Europe has led to both qualitative and quantitative improvements in the functioning of euro-area financial markets. The effects of enhanced competition have often occurred in sectors where they were maybe not so widely expected. For instance, this paper finds that the euro has acted as a catalyst for greater competition between sovereign issuers and markets within the region. Such a form of competition has great benefits if it leads to a convergence of...[Show more]
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