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| Author: | Walther, I. |
| Title: | Financial Services Strategies in the Eurozone |
| Journal: | European Management Journal
1999 : VOL. 17:5, p. 447-465 |
| Index terms: | FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES EUROPEAN MONETARY SYSTEM MONETARY INTEGRATION STRATEGY |
| Language: | eng |
| Abstract: | Launching of the euro at the beginning of 1999 will accele- rate reconfiguration of the financial intermediation process in Europe - a process that is already well underway - with dramatic consequences for commercial banking, investment banking, insurance and asset management functions. This paper focuses on the institutional microstructure of the fi- nancial intermediation process and the determinants of com- petitive performance. This is followed by an assessment of strategic options facing financial firms in the euro-zone, and alternative institutional outcomes from the perspective of efficiency and stability of the euro-zone financial system. Where appropriate, comparisons are drawn with the US financial system, which has operated under a single cur- rency since 1865. The final section of the paper provides some strategy and policy indications for the future. |
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