The world’s major central banks have radically altered their strategies since 2008 as they grappled with the great financial crisis and its various consequences. One view (Issing 2016) is that they have gone too far, and that their actions will result in inflation and loss of independence....

We use industry valuation differentials across European countries to study the impact of membership in the European Union as well as the Eurozone on economic and financial integration. In integrated markets, discount rates and expected growth opportunities should be similar within one industry,...