The Eurosystem and the European Financial Integration

In this article we question the conception of financial integration supported by the Eurosystem. We show, first, that the actions undertaken to create a homogeneous financial space in Europe failed to ensure convergence of the national financial behaviours and systems. Then we try to explain these persistent heterogeneities by the diversity of economic and social models prevailing in the different european countries. Lastly we compare the consequences of financial liberalization and globalization in Germany and in France. Observations point very different macroeconomic evolutions in these countries, which is challenging for the viability of the monetary union.