Us-Europe Capital Market Integration and its Implications for Japan

From 2006 until the first half of 2007, the most animated debate over capital markets in the US, the UK, and Japan has been over how to become more competitive as a global financial center. Also of interest, however, has been the progress achieved at various levels between the US and EU in building Transatlantic securities markets, progress that is likely to accelerate as a result of the US-EU summit held in April 2007. This paper argues that the Japan's focus should not be only on its competitiveness with other markets, but also on these moves toward market integration