This paper reviews the factors that will determine the shape of financial markets under EMU. It argues that financial markets will not be unified by the introduction of the euro. National central banks have a vested interest in preserving local idiosyncracies (e.g. the Wechsels in Germany) and...

We examine the degree of natural gas market integration in Europe, North America and Japan, between the mid 1990's and 2002. The relationship between the international gas marker prices, and their relation to the oil price, are investigated through principal component analysis and Johansen...

EMU is based on several principles including independence of the Central Bank (ECB) which has as its main objective the control of inflation, external co-ordination of budgetary policies with the common monetary policy and finally the framing of fiscal policy by prudential ratios. This type of...