High unemployment is a problem in most European countries. The starting point of this article is that structural problems in the labour market and economic disincentives due to benefit and tax systems are the main reason why Europe faces severe unemployment. Many suggestions have been made to...

More than l00 episodes of bank insolvencies have been documented by Caprio and Klingebiel (1996) for the period from 1980 to 1995 - and this does not include the Asian crisis. About 75 percent of these were classified as major insolvencies with potential systemic implications. The overwhelming...

A considerable amount has been written about the impact of EMU on European financial markets. A broad consensus has emerged from this work, with the main conclusions as follows: Government bond markets will be more closely integrated and yields closely correlated. Non-government borrowers will...

The process that so many people are envisaging for EU capital markets may be summarised approximately as follows: The single currency will eliminate currency risk. This will encourage a diversification by investors based upon other risk considerations. This will lead to a tremendous growth in...

With the successful launch of the euro, the previously national interbank bank markets have been integrated at once in a unified euro interbank market, outstanding public debt has been redenominated in euro, trading conventions harmonised, and all EMU stock markets have started quoting in euro....

On the first of January 1993, the Second Banking Directive (1989) of the European Union and a number of the other EU Directives (1) related to the financial service industry were implemented. This heralded a new episode of deregulation, standardised minimum capital requirements and changes in...

The launch of the euro proved to be extraordinarily smooth - auguring well for its future. If the EU can build on this initial success, then citizens - from anywhere in the world - should come to recognise the euro as a robust 'store of value' for their savings. That should complete the...

Throughout the industrialised world the banking sector has embarked on a programme of restructuring and consolidation. In Japan the severity of the banking crisis has recently forced both the banking sector and the authorities to recognise deep-rooted problems and to take decisive action. In...

Although a large series of papers have been concerned with macroeconomic issues such as price stability or employment, very few studies have discussed the impact of the euro on the competitive structure of European banking markets. Two questions are being addressed in this paper: How does the...

It is not so long ago that policy makers thought that excessive regional disparities would disappear automatically in the long run. Arbitrage possibilities arising from competition and factor mobility were expected to induce a more than average growth performance in lagging regions. Having the...