This brings me to the paper by Sebnem Kalemli-Ozcan, Simone Manganelli, Elias Papaioannou and José Luis Peydró. 4  Sebnem Kalemli-Ozcan et al. : “Financial Integration and Risk Sharing: The Role of the Monetary Union”  4.1  General remarks Seblem Kalemli-Ozcan et al.
: Financial integration and risk sharing  z  Financial integration in EMU has been driven by the introduction of the single currency and by legislative and regulary policies striving for harmonisation  ⇒The impact of these factors is difficult to disentangle ⇒The authors tackle the banking sector, but other financial market segments are worth examining as well z  Financial integration in the form of cross-border banking integration increases consumption risk-sharing  ⇒May be worthwhile to make a distinction between intra and extra-euro-area risk sharing  13 November 2008  4  Comments on papers by P. Lane and S. Kalemli-Ozcan et al.