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The authors assess the impact of the euro on financial integration. They document how the single currency has re-shaped financial markets and international investment patterns. They address the macroeconomic implications of enhanced financial integration, with a particular focus on the shift in net capital flows and the extent of international risk sharing. Finally, they outline the challenges posed by increased financial integration for the ECB and other European policymakers. The financial system provides the central link between the issuers of currency and the real economy.
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