This comprehensive and unprecedented book investigates the barriers to European equity market integration which will remain after 1996. It represents the culmination of a major international research effort, sponsored by the European Capital Markets Institute. Written by a group of renowned specialists, under the direction of Benn Steil, this book will illuminate the workings of the European equity markets and shape the public policy agenda for the coming millennium. The authors provide in-depth and original analyses of European equity trading, institutional investment, market regulation, corporate governance, pension funds, capital standards, accounting issues, clearance and settlement, and the European single currency. Market practitioners, policymakers, regulators, researchers, and students will find it an invaluable guide to the most dynamic sector of the European single market. In addition to Benn Steil, the authors are Erik Berglof, Frederick Choi, Richard Dale, E. Philip Davis, Jeffrey Frankel, Ian Giddy, Richard Levich, Marco Pagano, Anthony Saunders, Robert Schwartz, Ingo Walter, and Simon Wolfe.