Nevertheless, I would like to stress that this interesting topic leaves much room for further research. 5  Concluding remarks  To conclude, both papers are very instructive in terms of learning more about details of the ongoing process of financial integration in the European Monetary Union.
They have both shown that cross-border risk-sharing has improved during the past decade and that EMU has given a major stimulus to this. Our own calculations on the German home bias point in the same direction. These approaches, therefore, allow us to conclude that EMU has welfareenhancing effects.