Impactul Monedei Unice Asupra Integrarii Financiare din Zona Euro - The Impact of the Single Currency on the Financial Integration from Eurozone (Romanian version)

The introduction of the single currency was one of the most important experiments of international monetary policy. The aim of this paper is to examine whether the euro can be considered the engine of financial integration, and if the answer is positive, to what extent, especially for monetary policy reasons. The lack of adequate and appropriate comments and information regarding the pre euro period and the period after the introduction of the single currency, it is extremely difficult to separate the euro effects from those of reforms and global trends or other factors such as confidence level, cultural background, or geographical distance, which have a significant influence on financial integration. Another important aspect is that the mechanisms through which the euro influences financial integration are still unknown. For example, we do not know whether the positive effect on financial integration is determined by the elimination of currency risk. Or if it is, in fact, the result of the numerous legislative regulatory reforms which EU countries have adopted while introducing the euro. Also, the effect could simply be due to enhanced trade. Dissecting correlations is vital to the proper adoption of policy measures, as it is extremely important to know which policies are those that contribute to the development of integrated, efficient and competitive European financial markets.