The single European market: finance

Abstract

For more than twenty-five years after the EEC Treaty was signed, progress in financial integration was discontinuous, uneven, and on the whole modest. This can be attributed to a combination of economic difficulties and policy priorities, but also on reflects on the lack of a coherent, comprehensive approach. The European Commission has now developed a comprehensive project, and has managed to stir the still waters of European cooperation. The author argues, however, that its approach is largely, and indeed intentionally, based on the notion of creating “dynamic disequilibria” that will force action by markets and official authorities. JEL: F36

Keywords

• European financial integration
• dynamic disequilibria