Open AccessImplikationen der neuen europäischen Ökonomie
Author(s) -
Hans-Jürgen Bieling
Publication year - 2006
Publication title -
prokla
Language(s) - English
Resource type - Journals
eISSN - 2700-0311
pISSN - 0342-8176
DOI - 10.32387/prokla.v36i144.544
Subject(s) - financial integration , financial market , economic transformation , economic integration , economics , economy , economic system , business , financial system , international economics , finance
From the mid 1980s onwards, successive deepening and widening of European integration has led to the emergence of a new European economy. Its mode of operation is increasingly subjected to the dynamics of global and European financial markets. This article addresses the question inasmuch financial integration has an impact on the transformation of continental European systems of production and innovation. It argues that this impact is rather negative. For, although financial integration is geared towards the US model, it is not able to capitalise on its economic advantages. On the contrary, economic indicators underline that the previous productive strength and innovative ability of continental European systems are impaired by the dominant role of securities markets.