4  P. Asdrubali, B. E. Sörensen , and O. Yosha (1996), “Channels of interstate risk sharing: United States 1963-1990”, Quarterly Journal of Economics, November, 1081-1110; A.K. Rose and E. van Wincoop (2001), “National Money as a barrier to trade: the real case for currency unions”, American Economic Review (Papers and Proceedings), May, 386-390.
In this regard, we have been instrumental in the success of the short-term European paper, or STEP, initiative. This initiative aims to promote the integration of short-term paper market through the voluntary  BIS Review 53/2008  5  compliance of market players with a core set of standards.