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Capital markets are affected at least as much as goods markets by the European Community's drive for greater economic integration. The removal of capital controls on 1 July 1990 has far-reaching consequences for the EMS and for cross-border investment, and plans for economic and monetary union foreshadow fundamental upheavals at the heart of the financial system, in central banking and monetary and fiscal policy. This volume reports the proceedings of a conference on European financial integration held in Rome in January 1990, which was organised by the Centre for Economic Policy Research and the Instituto Mobiliare Italiano. In this volume, leading international experts examine the implications of integration for the structure and regulation of capital markets, the changing relationships between the corporate and banking sectors throughout the Community, the distortionary effects of differing taxation policies among member states and possible means of overcoming them, and alternative routes to European monetary union.