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The present paper applies a gravity model with fixed country effects to M&Aflows on a sample of 1215 pairs of countries over the 1998-2001 period, to test theimpact of European integration. That model, which had to our knowledge not beenapplied to M&A flows so far, allows us to observe that the participation of twocountries in the process of European integration is associated with a smallernegative impact of distance on those countries’ bilateral M&A flows. We observeno such effect for the EMU however.JEL classification: F15, F23, G34