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Integration of EU banking markets, The

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Author Info
Gual, Jordi () (IESE Business School)
Abstract

The goal of this paper is to provide an assessment of the EU policies that pursue the creation of a single banking market. The paper evaluates the degree of integration of EU banking markets, the impact of the integration process on the conduct, the structure and the performance of the industry at the EU level, and discusses whether current policies are the most appropriate instruments for market integration. After comparing the key features of EU policy with alternative methods of market opening, the analysis stresses that market opening in regulated markets such as banking faces a difficult trade-off between respect for domestic preferences and the elimination of regulations that protect local competitors and are not justified on efficiency grounds. The paper also provides an overview of recent research which has looked at different indicators of market integration in EU banking. Finally, it analyzes the impact of integration policies on the conduct, the structure and the performance of the banking industry. The conclusion provides an integrative assessment, summarizing the key results of the paper and evaluating the extent to which the changes in the degree of integration and the performance of the industry imply that the EU single market policies have achieved their objectives.

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Paper provided by IESE Business School in its series IESE Research Papers with number D/504.

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Length: 29 pages
Date of creation: 08 Apr 2003
Date of revision:
Handle: RePEc:ebg:iesewp:d-0504

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Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
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Related research
Keywords: integration policies; banking industry; European Union; market integration; regulated markets; market structure; single market;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Benoît Mojon, 2000. "Financial structure and the interest rate channel of ECB monetary policy," Working Paper Series 40, European Central Bank. [Downloadable!]
  2. Reint Gropp & Sandrine Corvoisier, 2001. "Bank concentration and retail interest rates," Working Paper Series 072, European Central Bank. [Downloadable!]
    Other versions:
  3. Jean-Pierre DANTHINE & Francesco Giavazzi & Ernst-Ludwig von Thadden, 2000. "European Financial Markets After EMU: A First Assessment," FAME Research Paper Series rp13, International Center for Financial Asset Management and Engineering. [Downloadable!]
    Other versions:
  4. Agnes Belaisch & Laura E. Kodres & Joaquim Vieira Ferreira Levy & Angel J. Ubide, . "Euro-Area Banking at the Crossroads," IMF Working Papers 01/28, International Monetary Fund. [Downloadable!]
  5. Claessens, Stijn & Glaessner, Tom, 1998. "The internationalization of financial services in Asia," Policy Research Working Paper Series 1911, The World Bank. [Downloadable!]
  6. Robert DeYoung, 1999. "Merger and the changing landscape of commercial banking (Part I)," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Sep. [Downloadable!]
  7. Gual, Jordi, 1999. "Deregulation, integration and market structure in European banking," IESE Research Papers D/397, IESE Business School. [Downloadable!]
  8. Klemperer, Paul, 1987. "Markets with Consumer Switching Costs," The Quarterly Journal of Economics, MIT Press, vol. 102(2), pages 375-94, May. [Downloadable!] (restricted)
  9. Bresnahan, Timothy F., 1989. "Empirical studies of industries with market power," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 17, pages 1011-1057 Elsevier. [Downloadable!] (restricted)
  10. Gual, Jordi, 1999. "Deregulation, Integration and Market Structure in European Banking," CEPR Discussion Papers 2288, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  11. Neven, Damien & Roller, Lars-Hendrik, 1999. "An aggregate structural model of competition in the European banking industry," International Journal of Industrial Organization, Elsevier, vol. 17(7), pages 1059-1074, October. [Downloadable!] (restricted)
  12. Gual, Jordi, 1999. "Deregulation, Integration, and Market Structure in European Banking," Journal of the Japanese and International Economies, Elsevier, vol. 13(4), pages 372-396, December. [Downloadable!] (restricted)
  13. Heinemann, Friedrich & Schüler , Martin, 2002. "How integrated are the European retail financial markets? : A cointegration analysis," ZEW Discussion Papers 02-22, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  14. Schmalensee, Richard, 1989. "Inter-industry studies of structure and performance," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 16, pages 951-1009 Elsevier. [Downloadable!] (restricted)
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  15. Aviv Nevo, 2000. "A Practitioner's Guide to Estimation of Random-Coefficients Logit Models of Demand," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 9(4), pages 513-548, December. [Downloadable!] (restricted)
  16. Olivier de Bandt & E Philip Davis, 1999. "A cross-country comparison of market structures in European banking," Working Paper Series 7, European Central Bank. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gloria O. Pasadilla, 2008. "Financial services integration in East Asia: Lessons from the European Union," Working Papers 5308, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada.. [Downloadable!]
    Other versions:
  2. D. Jansen & J. de Haan, 2003. "Increasing concentration in european banking: a macro-level analysis," WO Research Memoranda (discontinued) 743, Netherlands Central Bank, Research Department. [Downloadable!]
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