DP2298 Global Financial Markets and Financial Stability: Europe's Role

Author(s):	Richard Portes
Publication Date:	November 1999
Keyword(s):	EMU, Euro, Exchange Rates, Securities Markets
JEL(s):	F21, F30, F40
Programme Areas:	International Macroeconomics
Link to this Page:	cepr.org/active/publications/discussion_papers/dp.php?dpno=2298

Europe's contribution to the international financial system is a new currency, the euro. Economic and Monetary Union in Europe (EMU), of which the single currency is the manifestation, has emerged in the context of a complex process of interaction between globalisation and regional integration. This paper discusses the internationalisation of the euro and draws out the consequences for European securities markets, exchange rates, and international financial stability.