Strategic conversations on the two-currency world, between integration and disintegration

Fülszöveg

Strategic conversations on
the two-currency world,
between integration and disintegration
The Asian crisis and the creation of the euro have in common to suggest that today's "globalization" is a halfway house calling for better governance. The level of integration triggered by global markets and massive flows of capital can only be sustained if common standards insure higher levels of transparency, effective dispute settlement and market oversight. The euro is but one step -even if an essential one for Europe- accelerating the global evolution toward deeper integration in what is now a two-currency world. What are the opportunities and risks of this world with two anchor-currencies? How far will market concentration proceed? Will Europe have a single stock exchange and a single regulator? Will a global "market of markets" blur barriers between continents? Or are the "Asian crisis" and EU-U.S. trade conflicts warning signs of far reaching disintegration that could sweep away... Tovább

Fülszöveg

Strategic conversations on
the two-currency world,
between integration and disintegration
The Asian crisis and the creation of the euro have in common to suggest that today's "globalization" is a halfway house calling for better governance. The level of integration triggered by global markets and massive flows of capital can only be sustained if common standards insure higher levels of transparency, effective dispute settlement and market oversight. The euro is but one step -even if an essential one for Europe- accelerating the global evolution toward deeper integration in what is now a two-currency world. What are the opportunities and risks of this world with two anchor-currencies? How far will market concentration proceed? Will Europe have a single stock exchange and a single regulator? Will a global "market of markets" blur barriers between continents? Or are the "Asian crisis" and EU-U.S. trade conflicts warning signs of far reaching disintegration that could sweep away the new-born euro and make us wish back the good old days when "interdependence" and "globalization" had not yet the depth of today's integration? Strategic conversations around these global challenges are conducted by PROMETHEE and Ernst &Young around the "WISE" concept:
Wealth creation: the changing strategies of global-minded banks and insurance companies oas they respond to the co-existence of two very liquid and sophisticated sets of markets;
Integration: the role of stock exchanges and financial network operators in facilitating genuine cross-border integration for investors and issuers;
Supervision: the views of leading regulators from BIS, COB, IASC, IMF, SEC to provide integrated markets with essential accounting standards, bank supervision and oversight;
Expansion: the strategies for emerging markets in Asia to overcome the present financial crisis and to resume their role as engines for global growth and for social progress.
The research and discussion process has been directed by Albert Bressand, Ph.D. and Catherine Distler, PROMETHEE, in cooperation with Robert Stein, David Cannon and Ivan Wagner, who direct the Global Financial Services group of Ernst &Young.
Promethee e-mail: thinknet@promethee.mgn.fr Ernst &Young web site: www.eyi.com/banking Vissza