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This paper examines the possible effects of current changes in financial markets on job creation and growth potential in the European Community. The first part analyses developments in the wholesale and the retail markets. The second focuses on the creation of a sound risk capital market in order to boost employment in Europe.

Improving Cross-Border Payments in the Euro Area

Проучване 01-01-2001

A common means of payment for the European Union has almost been achieved, but has not yet been followed by a 'single payment area'. Cross-border wholesale payments can now be processed as cheaply and as quickly as domestic ones, yet retail transactions are still hampered by inefficient procedures, due partly to the lack of a common and homogenous infrastructure platform and a lack of interoperability between national payment systems. In addition to the actions taken at EU level, however, financial ...

Adjustment to Asymmetric Shocks

Проучване 15-09-1998

Once the euro is a reality, participating Member States will be unable to alter exchange and interest rates. Nor will there be a large federal budget and significant labour mobility, as in the US. How will they then cope cope with 'asymmetric shocks' ? This study examines these questions in the light of 'optimum currency area' theory. It concludes that the main economic disparities are between regions rather than countries, and that appropriate instruments of adjustment in principle already exist ...