走向一体化的欧洲证券市场

Toward an Integrated European Securities Market

自 70年代以来 ,欧洲证券市场一直在朝着一体化方向发展。欧元的启动 ,加快了欧洲证券市场的一体化步伐。欧洲证券市场一体化必将对未来欧洲的经济与金融业的发展、国际资本市场的格局产生重大影响。当然 ,在迈向一体化的道路上 ,还存在着众多需要克服的障碍。但是 ,可以预见 ,随着一体化向广度、深度的不断发展 ,一个统一、高效、成熟、规模庞大。

Since the 1970s, the European Securities Market has become more and more integrated. The launching of the Euro has speeded up the integration of European Securities Market, which will have great impacts on the European economic, finance and the world capital market. In the process of integration, there will be many obstacles to be overcome. The securities Market, with integrated, high efficiency, maturity, great size and strong liquidity, will be established in the foreseeable future.