Lesson 8 European Common Financial Market. The euro-1

Lesson 8 European Common Financial Market. The euro-1 -...

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Unformatted text preview: European Common Financial Market. The eurozone. Course: Money & Banking Juraj Draxler • Today’s session: • EU as a common market for financial services and capital flows • The common currency – Theory, history and institutional arrangements • The common market The European integration project – history • 1950s – the beginnings – 1952 European Coal and Steel Community (a free trade area) – 1957 Euratom and European Economic Community • Customs union established by 1967 • Projects for a common market • 1987 Single European Act – Legislation to establish the common internal market: harmonization of laws and standards, removal of barriers to movement of factors of production and services • 1999-2002 The euro • Stages of economic integration – Free trade area • Free movement of goods (no tariffs) – Customs union • Common policy for external tariffs – Common market • Free movement of goods, capital, labour and services – Economic and monetary union • Common currency & common econ policies • Why? – Gains from trade and integration effects (efficiency gains) – Political reasons (preventing conflicts) • Summary: European integration project has dominantly been an economic integration project • Key institutions: – European Commission – Council of the EU (“Council of Ministers”) + European Council (heads of government and heads of state) – European Parliament – In monetary policy: European Central Bank •...
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This note was uploaded on 01/18/2012 for the course FIN 256 taught by Professor Draxler during the Spring '11 term at Anglo - americká vysoká škola.

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Lesson 8 European Common Financial Market. The euro-1 -...

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