欧元区金融一体化发展与稳定性安排的困境

金融一体化是欧洲一体化建设的重要内容,是当代欧洲金融业发展中的一个突出特征。本文考察欧洲金融业一体化的状态与效应,以及伴随着一体化进程逐步形成的金融稳定性框架。本文的分析显示,实行单一货币制以来,欧洲金融一体化不断深入,推动金融业市场的集中度与竞争性和效率提高,但是在当前金融危机的冲击下,缺乏联合统一行动机制的欧洲金融稳定性安排暴露出了明显的内在缺陷,需要有深度的改革。

Financial Integration in Euro Area and the Dilemma of Stability Arrangement

Financial integration is an important element of the European Integration. Since the introduction of the Euro,the financial integration has been further promoted. This paper examines the current state of integration of various financial segments in Euro area and its impact on market structure,competition and,efficiency. The analysis shows that,since the introduction of single currency,the degree of financial integration has been significantly increased,with obvious impact on financial markets structure,comp...