European Financial Institutions and Markets

Paper Summary:

This paper looks at Europe's economic evolution since World War II. It is discussed how the European Union creates an economic, cultural and security arrangement among the European states and will evolve into a massive governmental organization covering a vast continent of 380 million people with diverse cultures and economies. This paper focuses on the financial institutions found within or created by the European Union and their relevance or impact to European financial system.

From the Paper:

"In 1948, the Congress of Europe brought all the European movements together in The Hague initiating the discussion of a common market. By 1950, the Europeans erected the first pillar of the Union. In this year, the Treaty of Rome was signed creating the European Economic Community (EEC). This common market, including Germany, Belgium, France, Italy, Luxembourg, and the Netherlands began an "international" cross-border agreement encouraging trade among these countries. Not until nearly 30 years later did the European Union develop and implement a European Monetary System (EMS). Arguably, the most significant event for shaping the European Union for the today and beyond was the signing of the Maastricht Treaty in 1992 signed by Foreign Affairs Ministers from 12 nations. By 1995, Austria, Finland, and Sweden joined the EU bringing the membership to 15 countries. Others have applied including Turkey, Cyprus, Malta, Switzerland, Hungary, and Poland but must meet the strident economic standards to enter this organization. While there are many complex steps to creation of this regional organization, the salient is point is that is has been evolving for over 40 years and has moved closer to one economy with each milestone."

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