Differences Between Financial Systems in European Countries: Consequences for EMU

Reinhard H. Schmidt

Chapter 6 in The Monetary Transmission Process, 2001, pp 208-251 from Palgrave Macmillan

Abstract: Abstract There are three main issues which must be discussed if one wishes to answer the question which this chapter addresses: (1) Which features of a financial system are important for monetary policy or, in other words, how is monetary policy conducted, and how does it affect the real economy, and how and to what extent does this depend on the specific features of an economy? (2) How different are the financial sectors — or more generally the financial systems — in Europe? (3) If significant differences existed between countries, would this have consequences for how monetary policy should, and can, be conducted in a common currency framework? I want to warn readers at the outset that I am not a financial macroeconomist. Because this is not my field of specialisation, my knowledge of how monetary policy is conducted and how it affects the real economy that is, of the so-called transmission mechanism — is only superficial. I can only hope that this does not invalidate all that I would like to offer in my attempt to fulfil the role assigned to me as a microeconomically oriented scholar in banking and business finance.

Keywords: Corporate Governance; Monetary Policy; Central Bank; European Monetary Union; Credit Channel (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1057/9780230595996_7

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