Adapting to Financial Globalisation by Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

In keeping with a colloquium held via SUERF together with the Austrian nationwide financial institution, this e-book addresses the difficulty of adapting to the calls for of monetary globalisation, a urgent preoccupation of bankers monetary associations and monetary specialists.

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This does not mean that those who do this always make money – oh, no, they lose money also. But the point is that the arbitrage can be executed, and that this creates links between different markets. There are no firewalls in the global financial system. Again, it is modern information technology that makes it possible to hold large diversified financial firms together and to have a group-wide risk management structure. It is interesting to note that while the process of consolidation has been running rapidly in recent years – primarily in the national markets, but increasingly also involving the creation of crossborder groups – the economic merits of bank mergers have been widely disputed.

Only on this basis will the EU candidate countries from Central and Eastern Europe be able to attain durable and sustainable macroeconomic stability, and only by taking these steps will they ultimately be able to fulfill, in a lasting manner, the prerequisites for participation in the euro area. Ladies and gentlemen, In my remarks I focused on a number of issues central to the subject of your Colloquium. My intention was to signal the concern of central bankers towards systemic stability and crisis prevention, taking into consideration the role of NCBs in the ESCB in this context.

Before concluding, let me therefore switch to a topic which is of great importance for Europe – the enlargement of the EU. The EU enlargement to include Central and Eastern European countries is of paramount importance to Europe and especially to Austria both in political and economic terms. It should and can contribute to political stability and will enhance economic prosperity throughout Europe. Bearing these reasons in mind, the OeNB has been and will continue to be a fervent advocate of EU enlargement.

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