ユーロ短期金融市場 : 現状と展望

概要

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Accompanied with a successful change-over of Euro notes and coins January 2002, Euro is now accepted as a legacy currency of EU 12 member countries, resulting in putting a period on national currencies in the member countries, DM, French franc, Italian Lira etc. While the ECB stated that it has created an efficient integrated interbank market, it dose not necessarily guarantee existence of a full integration of money market of every segments. The degree of integration is not even among markets, even in the interbank money market in euro much fragmentation observed except overnight transactions where high integration is evidenced by the disappearance of locational differences in overnight interests in the euro area. This article examines the developments of the euro money market after the euro introduction from two perspectives, 1) structure of short-term money market in the euro area, 2) developments of euro cross-border settlements and clearing systems in the euro area, Discussions and analysis are based on the facts observed and available data gathered from various sources to picture the euro money market is still fragmented and embryonic in terms of integration.
麗澤大学の論文