The risks, which arise within payment and securities settlement systems, can be of different nature and different can be their probability of materialisation. Overseers are particularly concerned about the occurrence of systemic risk and all other risks which might, directly or indirectly...

This paper examines the possible effects of current changes in financial markets on job creation and growth potential in the European Community. The first part analyses developments in the wholesale and the retail markets. The second focuses on the creation of a sound risk capital market in...

A common means of payment for the European Union has almost been achieved, but has not yet been followed by a 'single payment area'. Cross-border wholesale payments can now be processed as cheaply and as quickly as domestic ones, yet retail transactions are still hampered by inefficient...

Once the euro is a reality, participating Member States will be unable to alter exchange and interest rates. Nor will there be a large federal budget and significant labour mobility, as in the US. How will they then cope with 'asymmetric shocks' ? This study examines these questions in the light...