一、欧洲经济一体化推动了区域内证券交易所的重整《马斯特里赫特条约》的签定与生效,被认为是欧洲政治、经济及货币一体化进程中的里程碑。在资本流动方面,《马约》第73条 B款规定:禁止对各成员国之间和各成员国与第三国之间的资本流动采取任何限制措施。条约以消除成员国间关于资本流动的限制,作为成立欧洲中央银行执行欧洲单一货币政策的基础,因为只有统一的资本市场才能使货币政策发挥效应。资本流动限制的取消必然导致欧洲证券交易所间竞争的加剧,其主要表现为在以下几方面: I. European Economic Integration Promotes the Restructuring of the Stock Exchange in the Region The signing and entry into force of the Treaty of Maastricht is considered as a milestone in the process of political, economic and monetary integration in Europe. With regard to capital flows, Article 73B of the Treaty of Mayo provides that no restrictions on the movement of capital between Member States and among member States and third countries shall be prohibited. Treaties to eliminate restrictions on capital flows among member states serve as a basis for the European Central Bank to implement the European Monetary Policy because only a single capital market can make monetary policy work. The removal of restrictions on capital flows will inevitably lead to increased competition among the European stock exchanges, which is mainly manifested in the following aspects: