Integration of Financial Markets in Europe: Implications for the Irish Banking System
Even if the single currency of EMU looks less likely than it did to come on stream before the end of the century, there are still strong forces of integration in the European financial markets. These will colour the environment for the development of the Irish financial system and they call for responses both at the level of individual institutions and at the level of the Irish financial system as a whole. The paper considers the following aspects of integration of financial markets in Europe. (i) The degree to witch evolving plans for the implementation of monetary policy in the EMU are likely to take account of the particular needs of the banking systems in peripheral countries. (ii) The consequence of a relatively high dependence of the Irish (and UK) banking systems on short-term and variable interest rate deposits and loans. (iii) The question of regional variation in access to credit and in interest-rates in large markets.
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