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Exchange Organizations: Thoughts and Reflections Read chapter Read first chapter

2017 | OriginalPaper | Chapter

26. European Financial Integration: Monetary Union, Banking Union, Capital Markets Union

Author : Andreas Dombret

Published in: Equity Markets in Transition

Publisher: Springer International Publishing

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Abstract

Since the Treaties of Rome were concluded in 1957, the history of Europe has been marked by an ever-deepening integration. To some degree this process has certainly been driven by the idea that in a globalised world only a united and strong Europe can succeed. In 1954, Jean Monnet, one of the founding fathers of the European Union, said: “Our countries have become too small for today’s world, when compared to the potential of modern technical means and in relation to the dimension of America and Russia today, China and India tomorrow [1]”. In that sense, European integration and also the introduction of the euro could be interpreted as a response to globalisation—as an attempt to create a strong regional pole in an increasingly multipolar world.

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Footnotes
1
For a more extensive discussion on these two theories see Kruse, D. C. [2], Monetary Integration in Western Europe: EMU, EMS and Beyond. London, and Wolf, D. [3], Neofuctionalism and Intergovernmentalism Amalgamated: The Case of EMU. In: Verdun, A., The Euro: European Integration Theory and Economic and Monetary Union. New York.
 
2
Among others, the president of the European Commission, Jean-Claude Juncker, has proposed a capital markets union at various occasions in 2014.
 
Literature
1.
Monnet, Jean (1978): Memoirs. London: Collins.
2.
Kruse, D. C. (1980). Monetary Integration in Western Europe: EMU, EMS and Beyond. London.
3.
Wolf, D. (2002). Neofuctionalism and Intergovernmentalism Amalgamated: The Case of EMU. In: Verdun, A. (Ed.), The Euro: European Integration Theory and Economic and Monetary Union. New York.
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Weber, A., Ulbrich, J. and Wendorff, K. (2011). Krisenhilfe ohne Gemeinschaftshaftung. Frankfurter Allgemeine Zeitung, 3 March 2011.
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Weidman, J. (2014). Reforms for Recovery and Resilience. Speech at Bank of Latvia Conference 2014, 17 October 2014.
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Asdrubali P., Sørensen, B.E. and Yosha, O. (1996). Channels of Interstate Risk Sharing: US 1963–1990. Quarterly Journal of Economics, vol. 111(4), pp. 1081–1110.CrossRef
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Sørensen, B.E. and Yosha, O. (1998). International risk sharing and European monetary unification. Journal of International Economics, vol. 45(2), pp. 211–238.CrossRef
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Hepp, R. and von Hagen, J. (2013). Interstate risk sharing in Germany: 1970–2006. Oxford Economic Papers, 65(1), 1–24.CrossRef
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Dombret, A. (2014). Designing a stable monetary union—Progress and open issues. Speech at The Brookings Institution, 8 October 2014.
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Fulbright, J.W. (1948). A United States of Europe?. Annals of the American Academy of Political and Social Science, vol. 257, pp. 151–156.CrossRef
Metadata
Title
European Financial Integration: Monetary Union, Banking Union, Capital Markets Union
Author
Andreas Dombret
Copyright Year
2017
Book
Equity Markets in Transition

Print ISBN: 978-3-319-45846-5

Electronic ISBN: 978-3-319-45848-9

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-45848-9_26