The transformation of finance in Europe:introduction and overview

Eric Peree () and Armin Riess ()
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Eric Peree: European Investment Bank, Economic and Financial Studies

No 1/2003, EIB Papers from European Investment Bank, Economics Department

Abstract: This paper introduces the topic of Europe's changing financial landscape and highlights the findings of the contributions to this volume of the EIB Papers. Key points emerging from this overview include: (i) a variety of factors are reshaping Europe's finance, notably the Single Market, EMU, demographic trends, increasing wealth, technological progress, and financial innovation; (ii) further integrating Europe's financial systems, across borders and segments, should significantly increase economic welfare; (iii) although the functions that financial systems perform are being reallocated - implying a move towards the Anglo-Saxon paradigm - banks will remain important and should maintain their comparative advantage in financing small and medium-sized enterprises; (iv)the economic case in favour of a move towards funded pension systems - which would boost capital markets - is not as compelling as often assumed.

Keywords: Single Market; EMU; demographic trends; banks; SMEs; Capital Markets; financial innovation (search for similar items in EconPapers)
JEL-codes: G10 G15 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2003-06-09
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Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:eibpap:2003_001

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