Abstract
This paper reviews some early evidence on the performance and possible developments of European capital markets, after few months of EMU. On almost all counts monetary unification has changed the European financial landscape already drastically or has the potential to do so in the future. Part of this development could have been expected as the consequence of the direct effects of the euro. The less immediate potential consequences of the euro could not have been counted on. They occurred because market participants took the creation of the single currency as a signal for change in the European financial market and coordinated their expectations accordingly. JEL classifications : G15
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