Competitiveness of the EU regional financial market in the post-crisis conditions
Keywords:
financial market competitiveness, cross-border capital flows, financial assets, financial depth, global financial centersAbstract
The place of the European Union in the cross-border capital flows and the global financial assets is considered in the article. The level of the European economy financial depth and post-crisis changes in the scale of the stock market capitalization, debt securities and bank assets of the region are assessed. The ratings of the financial markets competitiveness as a component of the Global Competitiveness Index of the World Economic Forum in the context of the EU-15 and EU enlargement are presented. An average index of the region financial sector development is estimated and impact of the EU enlargement on the competitiveness of the regional financial market is identified. Positions of the European Union largest financial markets in the ranking of global financial centers in the pre-crisis and post-crisis periods are compared. Sources of worsening competitive position of EU financial market in the global financial system and the factors that facilitate the development of the regional financial market competitiveness are defined.References
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