Group urges support for repo market.(Giovannini Group on capital market integration in European economic and monetary union)(Brief Article)

Banker, The, December, 1999

A group of experts set up to advise the European Commission on capital market integration in economic and monetary union (EMU) has called on European banks to join Brussels and member states to promote the growth of a true repo market across the EU, writes Keith Nuthall.

The Giovannini Group's report The EU Repo Markets: Opportunities for Change said that the European repo market has grown substantially in recent years, notably since the introduction of the euro. Its estimated average daily turnover is [epsilon]245bn in 1998, 420bn in the US). However the report said that the European repo market operates still as 15 separate national markets, "with only the German market showing a significant cross-border activity."

The report highlights a series of...

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