The Incomplete European Market for Financial Services

ISBN-13: 9783790800135 / Angielski / Miękka / 2003 / 255 str.

P. Cecchini; F. Heinemann; M. Joop

Opis

Looking back over the last decade it can be said with some justification that sig nificant progress has been achieved on the way towards fully integrated financial markets in Europe. The 1993 Internal Market initiative and the Euro introduction in 1999/2002 constitute important milestones. The integration process has further been intensified by market developments like the surge in mergers and acquisi tions and by technological innovations like internet based distribution. As a result, some market segments today do no longer have a national character. Nevertheless, this success should not obscure the fact that integration of financial services markets is still a long way from the level of integration that exists within national markets. Particularly for retail financial services national borders still constitute a considerable de facto barrier. The absence of frequent direct cross border links between financial service providers and retail consumers holds true despite the fact that the Euro has made product comparisons easier and that the internet has reduced information costs to a considerable extent."

Spis treści

Financial Integration Within the European Union: Towards a Single Market for Insurance.- Financial Integration in Europe and Banking Sector Performance.- Market Access Strategies in the EU Banking Sector — Obstacles and Benefits Towards an Integrated European Retail Market.- The Benefits of Creating an Integrated EU Market for Investment Funds.- Integration Benefits on EU Retail Credit Markets — Evidence from Interest Rate Pass-Through.- How Integrated Are the European Retail Financial Markets? A Cointegration Analysis.- Integration of the European Market for E-Finance — Evidence from Online Brokerage.- Benefits of Diversification and Integration for International Equity and Bond Portfolios.- Deepening European Financial Integration: Theoretical Considerations and Empirical Evaluation of Growth and Employment Benefits.- Supervising the European Financial System.

Blurb

 

The incomplete European market for financial services, the obstacles to its integration and the potential benefits from more integration are subject of this book which is largely focussing on retail markets. The analysis can be regarded as a modernised follow-up to the financial market part of the famous 1988 Cecchini Report "The cost of non Europe". Even in the Euro age, retail financial markets in the EU are heavily fragmented and the consumers pay a large price for this fragmentation. This also weakens the growth perspective of EU and its international role. Explanations originate both from natural and policy-induced factors. Priorities for future policies are the dismantling of tax discriminations and further harmonisation in consumer protection and financial supervision.