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Integration of European Banking and Financial Markets

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Author Info
Marques Ibanez, David (European Central Bank)
Molyneux, Philip (University of Wales and Erasmus University)

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Abstract

This paper investigates banking and capital market developments in Europe and the moves towards the creation of a single financial services market. A critical element in the integration process is the success of the EU's Financial Services Action Plan (FSAP). This seeks to introduce a wide range of legislation aimed at reducing barriers and promoting cross-border trade in financial services - especially for capital markets and retail / SME financial service areas. As was the case in 1992, it is likely that the expectation of further financial market integration will encourage market participants to adjust their strategies in the light of these developments. Or to put it another way, many banks are likely to accelerate their plans to sell financial products cross-border given the changing environment. Stock and derivative markets will be encouraged to consolidate and investment and pension funds in the Euro zone will increasingly embrace the equity market culture and so on. Regulatory standards in the financial sector will move in line with international best practise and further harmonisation will take place. The challenge for the financial services industry is to reorganise and adapt to this new environment. Targeting a successful pan-European strategy post-2005 (the deadline for the FSAP) will be of critical importance for financial services firms in general

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Publisher Info
Paper provided by United Nations University, Institute for New Technologies in its series EIFC - Technology and Finance Working Papers with number 14.

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Date of creation: 2002
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Handle: RePEc:dgr:unutaf:eifc02-14

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Web page: http://www.intech.unu.edu

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Related research
Keywords: International Financial Market; European Integration; Legislation; Financial Services; Europe;

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  1. Maudos, Joaquin & Pastor, Jose M. & Perez, Francisco & Quesada, Javier, 2002. "Cost and profit efficiency in European banks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 12(1), pages 33-58, February. [Downloadable!] (restricted)
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  2. E.P. Davis & Sinikka Salo, 1998. "Excess Capacity in EU and US Banking Sectors - Conceptual, Measurement and Policy Issues," FMG Special Papers sp105, Financial Markets Group. [Downloadable!] (restricted)
  3. Carmen Matutes & Xavier Vives, 1992. "Competition for Deposits, Risk of Failure, and Regulation in Banking," CEPR Financial Markets Paper 0018, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 53--56 Great Sutton Street, London EC1V 0DG.
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  4. J.A. Bikker, 1999. "Efficiency in the European banking industry: an exploratory analysis to rank countries," Research Series Supervision (discontinued) 18, Netherlands Central Bank, Directorate Supervision. [Downloadable!]
  5. Altunbas, Yener & Molyneux, Philip & Thornton, John, 1997. "Big-Bank Mergers in Europe: An Analysis of the Cost Implications," Economica, London School of Economics and Political Science, vol. 64(254), pages 317-29, May. [Downloadable!] (restricted)
  6. Jean Dermine, 2000. "Bank Mergers in Europe: The Public Policy Issues," Journal of Common Market Studies, Blackwell Publishing, vol. 38(3), pages 409-425, 09. [Downloadable!] (restricted)
  7. Fredric S. Mishkin & Philip E. Strahan, 1999. "What Will Technology Do to Financial Structure?," NBER Working Papers 6892, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Bhattacharya Sudipto & Thakor Anjan V., 1993. "Contemporary Banking Theory," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 2-50, October. [Downloadable!] (restricted)
  9. J.A. Bikker & K. Haaf, 2000. "Competition, concentration and their relationship: an empirical analysis of the banking industry," Research Series Supervision (discontinued) 30, Netherlands Central Bank, Directorate Supervision. [Downloadable!]
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  10. Altunbas, Y. & Gardener, E. P. M. & Molyneux, P. & Moore, B., 2001. "Efficiency in European banking," European Economic Review, Elsevier, vol. 45(10), pages 1931-1955, December. [Downloadable!] (restricted)
  11. Cybo-Ottone, Alberto & Murgia, Maurizio, 2000. "Mergers and shareholder wealth in European banking," Journal of Banking & Finance, Elsevier, vol. 24(6), pages 831-859, June. [Downloadable!] (restricted)
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