Italy / 1999 the Year of the Euro - The Transformation of Business Finance - The Principal Financial Innovations

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From the financial point of view, 1999 will be remembered as the year of the euro. Although the European currency has depreciated against the dollar, its launch was a success – albeit an invisible one for many. The single currency yielded its first fruits by modernising and restructuring the European capital market and stimulating the definition both of ways of financing enterprises and of the role of the banking system. Hence Biblioteca della libertà’s decision to publish these two contributions. The first describes the invisible, but radical, deep-reaching progress of the European capital market for enterprises and large-scale operators. The second painstakingly reviews changes on financial markets and innovations in financial products, which cover different levels of brokerage and even impinge upon family retail investment choices. Together, the two articles draw a picture of a financial world which for no one, whether family or enterprise, is the same today as it was just two or three years ago.

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