Abstract
In connection with the European monetary union there has been much speculation about changes European monetary union will engender in member states’ financial systems. Assessments have varied greatly, and are still varying. On the other hand, for a number of reasons, it is important to be able to forecast the impact of European monetary union on the financial system. The paper outlines some major developments in the German financial system during the past few years. It is, however, often very difficult to identify a clear and causal connection between the launch of monetary union and these changes. The paper concludes with some monetary policy implications and issues.
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