Annex I Progress with European Monetary Integration
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چکیده
A milestone in European integration was achieved when the third and final stage of EMU began on January 1, 1999, with the introduction of the euro. This annex provides a progress report on several aspects of EMU: European financial market integration; implementation and performance of the EMU payments and securities settlement systems; the outlook for pan-European capital markets; banking system consolidation and restructuring; and broader financial policy issues, including financial supervision, regulation, and crisis management.
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