The UK’s withdrawal from the EU will have far-reaching consequences on the European economy. However, the ultimate consequences of Brexit, especially for financial markets, depend on the final agreement, which is still under negotiation. Currently, regulated financial services can be provided...

The Exchange-Rate Mechanism II (ERM II) is a Maastricht convergence criterion with which Central and Eastern European Countries (CEECs) must comply before they are admitted to the European Monetary Union (EMU). However, EMU accession is not a ‘free lunch’ as it entails so-called...