From mid-2007 to mid-2013 the European Economic and Monetary Union (EMU) was characterized by financial and ‘real’ crises that had a significant impact on the evolution of European banks. In the post-crisis phase, these banks will be unable to keep their previous dominant position in lending to the ‘real’ economy and in managing the households’ financial portfolios. The present paper maintains that, as a consequence, the EMU’s financial markets will be characterized by two main problems: (i) the definition of a new division of labor among banks and non-banking financial intermediaries; (ii) the creation of alternative sources of financing that companies can turn to.
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