The fundamental determinants of financial integration in the European Union



26

Exchange Rate Arrangements: minimal flexibility (2), intermediate flexibility (1) and maximum flexibility (0).

AUS

BEL

DEN

FIN

FRA

GEr

ItA

NEt

SPA

SWE

UK

TOTAL

1973

2

2

2

2

2

2

0

2

2

2

0

is"

1974

1

2

2

1

0

2

0

2

2

2

0

14

1975

1

2

2

1

0

2

0

2

1

2

0

15"

1976

1

2

2

1

2

2

0

2

1

2

0

15"

1977

1

2

2

1

0

2

0

2

1

2

0

13

1978

1

2

2

1

2

2

0

2

1

1

0

14

1979

1

2

2

1

2

2

2

2

0

1

0

15"

1980

1

2

2

1

2

2

2

2

0

1

0

15"

1981

1

2

2

1

2

2

2

2

0

1

0

15

1982

1

2

2

1

2

2

2

2

0

1

0

15

1983

1

2

2

1

2

2

2

2

0

1

0

15

1984

1

2

2

1

2

2

2

2

0

1

0

15

1985

1

2

2

1

2

2

2

2

0

1

0

15

1986

1

2

2

1

2

2

2

2

0

1

0

15

1987

1

2

2

1

2

2

2

2

0

1

0

15

1988

1

2

2

1

2

2

2

2

0

1

0

15

1989

1

2

2

1

2

2

2

2

0

1

0

15

1990

1

2

2

1

2

2

2

2

1

1

0

16"

1991

1

2

2

1

2

2

2

2

1

1

2

18

1992

1

2

2

1

2

2

2

2

1

1

2

18

1993

1

2

2

0

2

2

0

2

1

0

0

12

TOTAL

22

42

42

21

36

42

28

42

12

25

4

Source: Index constructed with the help of IMF, Exchange Restrictions, Annual Report, 1973-1978 and IMF, Exchange Arrangements and
Exchange Restrictions, Annual Report, 1979-1993.

Eijffinger-Schaling index of central bank independence

Austria

Belgium

Denmark

Finland

France

Germany

Italy

Netherlands

Spain

Sweden

United

Kingdom

ES

"3

^3

4

^3

^2

"5

^2

4

U

^2

^2

Source: Eijffinger and Schaling (1993) and Eijffinger and Van Keulen (1995).

De Haan-Van ’tHag index of significant government changes

Austria

Belgium

Denmark

Finland

France

Germany

Italy

Netherlands

Spain

Sweden

United

Kingdom

SIGGOV

^2

~4

U

^3

4

U

^6

^3

U

^2

^0

Source: De Haan and Van ’tHag (1994).



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