Elements of the Euro Area

Jesper Berg is Head of Market Operations at the Denmarks National bank and formerly Head of Division in the Capital Markets and Financial Structure Division of the European Central Bank (ECB), Germany. Mauro Grande is Director of Financial Supervision and Stability, ECB, Germany. Francesco Paolo Mongelli is Advisor for the Directorate General Economics, ECB, Germany.

Part 1. Some Background Information and International Comparisons. 1. Some International Comparisons of the Economic and Financial Structure of the Euro Area. Jung-Duk Lichtenberger. 2. A Brief Comparison of the Eurosystem, the US Federal Reserve System, and the Bank of Japan. Dieter Gerdesmeier, Jung-Duk Lichtenberger and Francesco Paolo Mongelli. 3. Concepts and Measures of Financial Integration. Annalisa Ferrando and Jukka Vesala. 4. EU Policies to Support Financial Integration. Frank Dierick. Part 2. Changes in the Financial Structure. 5. How are Euro Area Financial Structures Changing? Angela Maddaloni and Christoffer Kok Sørensen. Part 3. Elements of Integration across Financial Services and Markets. 6. What Effects is EMU Having on the Integration of Financial Services? Frank Dierick and Jukka Vesala. 7. Integration of the Money Market in the Euro Area. Tom Bernhardsen and Steen Ejerskov. 8. Bond and Equity Market Integation. Lieven Baele and Annalisa Ferrando. Part 4. A Case Study: The Integration of Transmission Processes. 9. External Finance Premia in the Euro Area: Stage Three of EMU Versus Stage Two. Gabe de Bondt.