Most econometric studies of equity market integration suggest that national markets are increasingly becoming part of a global equity market. As regards the extent of this integration, however, the results are often inconclusive. Further analysis calls for a closer scrutiny of the basic...

This Paper presents aspects related to the use of Euro by Member States.

As from 1.1.1999 the currency of the participating Member States shall be the Euro". This sentence will be one of the core provisions of the monetary law of the monetary law of the Member States which will have adopted the Euro at the beginning of the third stage of Economic and Monetary Union....

Economic and Monetary Union is a further step in the ongoing process of European economic integration. In this respect, it is also part of the wider integration in the global economy. EMU will enable the European Union to meet the challanges of globalisation.

The introduction of the Euro is a very ambitious change in the monetary environment of some of the largest and richest industrial economies, one that is unlike any other currency reforms.

The introduction of the Euro will change the currency in which many financial statements are prepared. It will have practical consequences for many firms . Increasingly Commission services have been asked to clarify how these changes should be reflected properly in financial statements.

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,...

We study whether financial openness facilitates the economic integration of formerly centrally planned economies with the EU-15. Two dimensions of economic integration are considered: cross-country convergence of per-capita incomes and bilateral trade in goods and services. We find that more...

Member States shall conduct their economic policies with a view to contributing to the achievement of objectives of the Community , as defined in Article 2, and in the context of the broad guidelines referred to in Article 103(2). The Memeber States and the Community shall act in accordance with...

This paper addresses the variety of static and dynamic impacts that the Euro-Med Agreements (EMA) may have on the MENA economies. It first considers options for trade and domestic policy reforms, including the context in which policies are designed and implemented and the range of policy options...