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Please use this identifier to cite or link to this item:
http://hdl.handle.net/2451/26885
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| Title: | Financial Services Strategies in the Euro-Zone |
| Authors: | Walter, Ingo |
| Issue Date: | Mar-1999 |
| Series/Report no.: | FIN-99-016 |
| Abstract: | Launching of the euro at the beginning of 1999 will accelerate
reconfiguration of the financial intermediation process in Europe -- a
process that is already well underway -- with dramatic consequences for
commercial banking, investment banking, insurance and asset management
functions. Banks, insurance companies and other financial intermediaries
face strategic choices, to be weighed with great care. This paper begins
with a series of suppositions - essentially maximum-likelihood
state-variables relating to financial system conditions in the
euro-zone, assuming a five-year time horizon. These suppositions set the
framework for a discussion of strategic positioning and implementation
on the part of financial services firms expecting to compete
successfully in the euro-zone. We focus on the institutional
microstructure of the financial intermediation process and the
determinants of competitive performance. This is followed by an
assessment of strategic options facing financial firms in the euro-zone,
and alternative institutional outcomes from the perspective of
efficiency and stability of the euro-zone financial system. Where
appropriate, comparisons are drawn with the U.S. financial system, which
has operated under a single currency and since 1865. The final section
of the paper provides some strategy and policy indications for the future. |
| URI: | http://hdl.handle.net/2451/26885 |
| Appears in Collections: | Finance Working Papers
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