The future of financial centres in the European Union
- Introduction
- Characteristics of European financial centres
- Many national actors the size of which is based on the national market
- A new dynamic in the market environment in Europe
- Limit to the integration of European financial centres
- Economies of scale and financial issues face national reluctance to the total integration of the European financial markets
- The emergence of Asian economies and the internet revolution could leave European financial centres out of the stage
- Conclusion
The working of European Union was expected to be similar to the United States of America. Theorists believed that Europe will have a financial hub similiar to the Wall Street in the United Sates and questioned the future of the European Union. Establishing inter-market deals among the European stock exchanges (E.g. the creation of Euronext) seems to be the first move towards creating a global European stock exchange. However, the national interests and the needs of a country's economy is a major factor of concern. However, this will not affect the position of Europe in the financial world, even with the emergence of the Asian financial markets.
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