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The Assessment: European Financial Integration

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  • Xavier Freixas

Abstract

This paper reviews the objectives that lie behind the Financial Services Action Plan (FSAP) to integrate European financial markets and the degree to which these have been achieved to date. It records that there has been substantial progress in many areas, but less elsewhere. It concludes that effective enforcement of home-country authorization and single-passport principles is critical to the attainment of full market integration. It argues that this requires the application of competition policy to cross-border mergers and possibly an extension of the scope of competition policy in financial services. Continued efforts will be required to remove regulatory differences that make foreign entry and operations more costly than domestic ones and to improve the consolidation of and the international access to clearing and settlement systems. The article supports attempts to integrate retail financial services in the post-FSAP period, while acknowledging the limitations that exist to the geographical expansion of these markets. Copyright 2004, Oxford University Press.

Suggested Citation

  • Xavier Freixas, 2004. "The Assessment: European Financial Integration," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 20(4), pages 475-489, Winter.
    • Handle: RePEc:oup:oxford:v:20:y:2004:i:4:p:475-489
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    Cited by:

    1. Pels, 2010. "International Asset Holdings and the Euro," The Institute for International Integration Studies Discussion Paper Series iiisdp331, IIIS.
    2. Gabriele Galati & Philip Wooldridge, 2009. "The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(1), pages 1-23.
    3. Kauko, Karlo, 2007. "Interlinking securities settlement systems: A strategic commitment?," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 2962-2977, October.
    4. Bley, Jorg, 2009. "European stock market integration: Fact or fiction?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(5), pages 759-776, December.
    5. Horobet, Alexandra & Ilie, Livia, 2007. "Regulation versus Competition on European Financial Markets," MPRA Paper 6133, University Library of Munich, Germany.
    6. Francesca Arnaboldi & Barbara Casu, 2012. "Corporate Governance in European Banking," Chapters, in: James R. Barth & Chen Lin & Clas Wihlborg (ed.), Research Handbook on International Banking and Governance, chapter 31, Edward Elgar Publishing.
    7. Guido K. Schaefer, 2008. "An Economic Analysis of the Single Euro Payments Area (SEPA)," FIW Working Paper series 011, FIW.

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