A short essay on cross-border payment and settlement in the EU

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The paper explores the implications of Article 56 of the EC Treaty, highlighting the establishment of the Common European Market in 1993 and its provision for free movement of capital. It examines the development of the monetary union among twelve EU states that began in 1999 and the introduction of the euro as a common currency in 2002. The analysis emphasizes the significance of these economic frameworks in shaping European and international financial markets.