Capital mobility is helpful to cope with the loss of adjustment instruments in EMU. High capital mobility in the sense of Feldstein and Horioka (FH) can limit the negative consequences of shocks affecting the saving capacity of an economy in the Eurozone. It is the aim of this paper to assess...

A rational financial constitution of the EU should be able to fulfil redistributive objectives at minimum costs. The present financial system of the Community is not compatible with this requirement. After the decisions of the European Council in Berlin on the Agenda 2000 the fundamental flaw of...

With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this...

With a view to establishing a Capital Markets Union (CMU), efforts to integrate (private) capital markets and private risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial potential threat to sovereign bond market stability in the...

The Global Financial Crisis (GFC: 2008–2009) and the Euro Sovereign Crisis (ESC: 2010–2012) seem a process of creative destruction for the European Union (EU). The huge damage provoked by the GFC and ESC was, in fact, followed by important institutional building steps as the Banking Union...

The Capital Markets Union (CMU) is a flagship project of the European Commission that promotes a deepening of the financial markets. It aims at opening up new sources of funding for SMEs, as well as improving the matching between savers and borrowers. Additionally, CMU is supposed to increase...

After a period of deepening financial integration, the financial crisis triggered a fragmentation of Europe’s capital markets along national lines. Financial integration was prone to sudden stops and capital reversals because cross-border capital flows predominantly consisted of short-term...

The European private equity market has expanded meaningfully over the past few decades, with leveraged buyouts having averaged more than 50 billion euros per year in 2010–2016. This paper examines investment flows within Europe, as well as between Europe and the rest of the world at two...

Many policy actions of the CMU have the objective to enhance access to finance for the so-called backbone of the European economy-the SMEs. The CMU aims at improving the framework conditions for SME financing, at strengthening bank lending-as the most important external financing source for...

Förderbanken sind in guten und in schlechten Zeiten nützlich. Sie bringen strukturelle Veränderungen in Volkswirtschaften voran und helfen dabei, langfristige Herausforderungen anzugehen. Sie ergänzen Finanzsysteme, unterstützen die Funktionsfähigkeit von Banken- und Finanzmärkten und...