Hardbound. As Europe prepares for the introduction of a common currency, financial market players are moving to adapt to a new environment in which financial markets and institutions will be much more open to cross-border competition. Two different financial systems are responding to the challenges of more competition: the more institution-oriented German-style and the more market-oriented Anglo-American style.
Each type of financial system offers its own strengths and weaknesses. The German system isnoted for fostering a long-term outlook and steady relationships between borrowers and lenders in an environment of financial and macroeconomic stability. The Anglo-American system is thought of as providing a more favourable environment for startup firms to obtain market financing, as well as more attractive returns to investors and a more dynamic market for corporate control. On the other hand, the Anglo-American system is faulted for its short-term out Это и многое другое вы найдете в книге Competition and Convergence in Financial Markets (Stanley W. Black, Mathias Moersch, American Institute for Contemporary German Studies)