Macroeconomic and Financial Aspects of Euro-Area Development

This paper describes euro-area financial development based on the implementation of the third stage of the European Monetary Union. A survey of studies conducted by the European Central Bank is presented, complemented by a summation of a number of related academic papers, including those of the 22nd SUERF Colloquium. The author focuses on the impact of single currency on the structure of financial markets, confirming the faster-than-expected growth of the euro on the capital market, and discusses the remaining rigidity as well as newly born risks.