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By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter

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

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But on 5th April the €33 billion merger collaped. And on 3rd April we learned that HSBC –the second bank in the world by market capitalization – was to acquire Crédit Commercial de France in an agreed bid. After two hectic years, the year 2000 has thus already started on a very strong footing, which raises three questions: • • • Why are we seeing so many restructuring operations in the European banking sector? Which are the different forms taken by these transactions and is there a predominant one?

As a result, the euro will also gain in importance as an intervention and reserve currency in the region. Ladies and gentlemen, The Central and Eastern European countries which are involved in accession negotiations with the European Union are confronted with the basic question of how Economic and Monetary Union features in the overall context of enlargement. Monetary policy and financial stability 35 As far as we can judge today, we see the economic and monetary policy integration of the candidate countries proceeding in three steps.

These conditions consist in establishing a functioning market economy and attaining sufficient competitiveness to participate in the single market. Fulfillment of these conditions will allow the accession countries to integrate themselves successfully into the economic and monetary cooperation within the Union just as those incumbent EU member states which have not yet entered the euro area for the time being today. Let me make very clear that fulfillment of the Maastricht convergence criteria is not a prerequisite for membership in the European Union.

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