European Capital Markets with a Single Currency

currencies trading, alter fundamentally the nature of several businesses. This will be particularly the case in the money and capital markets. If this challenge is met successfully by European banks, there is little doubt that it will reinforce the competitiveness of those operating in the capital markets of third countries, such as United States and the rapidly expanding Asian and Latin American countries.

Aliber, R. ( 1976), The International Money Game, NewYork: Basic Books.

Alogoskoufis, G. ( 1994), "'The ECU, the International Monetary System and the Management of Exchange Rates'", in L. Bekemans and L. Tsoukalis (eds.), Europe and Global Economic Interdependence, Bruges: European Interuniversity Press.

Alogoskoufis, G. and R. Portes ( 1991), "'International Costs and Benefits from EMU'", in The Economics of EMU, European Economy.

Alogoskoufis, G. and R. Portes ( 1992), "'European Monetary Union and International Currencies in a Tripolar World'", in M. Canzoneri, V. Grilli, and P. Masson (eds.), Establishing a Central Bank: Issues in Europe and Lessons from the US, Cambridge: Cambridge University Press.

Amihud, Y. and H. Mendelson ( 1991), "'How (not) to Integrate the European Capital Markets'", in A. Giovannini and C. Mayer (eds.), European Financial Integration, Cambridge: Cambridge University Press.

Association Belge des Banques ( 1994), "'Les Banques et l'Union Monétaire Européenne'", Aspects et Documents, 160.

Association for the Monetary Union of Europe (AMUE) ( 1994), "'Preparing the Transition to the Single Currency'".

Banking Federation of the European Union ( 1995), "'Survey on the Introduction of the Single Currency: A First Contribution on the Practical Aspects,'" Brussels.

Baxter, M. and U. Jermann ( 1997), "'The International Diversification Puzzle Is Worse than You Think'", American Economic Review, 87( 1):170-80.

Begg, D., F. Giavazzi, J. von Hagen and C. Wyplosz ( 1997), EMU, Getting the End-Game Right, London: CEPR.

Benos, A. and M. Crouhy ( 1996), "'Changes in the Structure and Dynamics of European Securities Markets'", Financial Analysts Journal May/June, 37-50.

Bishop, G. ( 1994), "'Lessons from the Decimalisation in the UK'" EBA Study.

Brealey, R. and E. Kaplanis ( 1994), "'The Growth and Structure of International Banking'", London: City Research Project.

Currie, D. ( 1997), The Pros and Cons of EMU, London: Economic Intelligence Unit.

Davis, P. ( 1995), Pension Funds: Retirement Income, Security and Capital Markets, an International Perspective, Oxford: Clarendon Press.

Dehem, R. ( 1972), De I'Etalon sterling à l'etalon-dollar, Paris: Calmann-Lévy.

Dermine, J. ( 1995), "'International Trade in Banking'", in American Enterprise Institute (ed.), International Competition in Financial Services. Should National Regulatory Systems Be Harmonized?, Washington, DC: American Enterprise Institute.

Dermine, J. ( 1997), "'Eurobanking, a New World'", Laureate of the 1997 EIB Prize. EIB Papers, vol. 2.

-28-