Integracja finansowa strefy euro – wnioski dla Polski
FINANCIAL INTEGRATION OF THE EURO AREA – A PROPOSAL FOR POLAND
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The internationalisation of economies and the deepening of cooperation on a regional and global scale have determined to a large extent changes on global financial markets. The process of financial integration within the European Union is, therefore, a part of a broader process of globalisation and liberalisation of the world economy. The introduction in 1999 of a common currency, the euro, has created a unique opportunity to step up this process. Financial integration is an extremely complex phenomenon. Due to the multiplicity of determining conditions, it is impossible to highlight them all. Accordingly, the article characterises synthetically the financial market integration process in the euro area by focusing only on two of their main operating segments, i.e. money markets and capital markets. Within these segments the largest sub-segments – markets – have been characterised, taking as a criterion in its narrow definition the type of partial instruments occurring on these markets.
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