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Financial integration in the European Community

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Author Info
Sydney J. Key
Abstract

The EC program to complete the internal market is designed to allow the free movement of goods, persons, services, and capital within the Community by the target date of December 31, 1992. This paper provides a comprehensive description and analysis of the EC program for the financial sector, with emphasis on the relationship of this program to overall issues regarding international trade in financial services. ; The first section of the paper presents a brief historical survey of the origins of the internal market program. The second section provides an overview of the EC program for creation of a "European Financial Area," a term used by the EC Commission to refer to both the removal of barriers to capital movements and the establishment of a framework for a Community-wide market for financial services. The third section, which is the main focus of the paper, is a conceptual analysis of the internal and external dimensions of the EC program for financial services and markets; the section analyzes the EC approach of mutual recognition as a means of achieving integration of the Community's financial sector and also sets forth a general framework for considering approaches to market access for third-country firms. The fourth section presents the conclusions. A series of appendices provide detailed explanations of the EC programs for banking, investment services, securities markets, and insurance.

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Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 349.

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Date of creation: 1989
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Handle: RePEc:fip:fedgif:349

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Related research
Keywords: Banks and banking; International ; European Economic Community;

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Cited by:
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  1. Gary C. Zimmerman, 1995. "Implementing the single banking market in Europe," Economic Review, Federal Reserve Bank of San Francisco, pages 35-51. [Downloadable!]
  2. Daniele Checchi, 1992. "What are the Real Effects of Liberalizing International Capital Movements?," Open Economies Review, Springer, vol. 3(1), pages 83-125, February. [Downloadable!] (restricted)
  3. Reuven Glick & Michael Hutchison, 1990. "Economic integration and fiscal policy transmission: implications for Europe in 1992 and beyond," Economic Review, Federal Reserve Bank of San Francisco, issue Spr, pages 17-28. [Downloadable!]
  4. Gelb, Alan & Sagari, Silvia, 1990. "Trade in banking services : issues for multilateral negotiations," Policy Research Working Paper Series 381, The World Bank. [Downloadable!]
  5. Lamberte, Mario B., 1991. "Structure and Prospects of the ASEAN Financial and Banking Systems: Perspectives from the Philippines," Working Papers WP 1991-05, Philippine Institute for Development Studies. [Downloadable!]
  6. Chuppe, Terry M. & Atkin, Michael, 1992. "Regulation of securities markets : some recent trends and their implications for emerging markets," Policy Research Working Paper Series 829, The World Bank. [Downloadable!]
  7. John D. Montgomery, 1991. "Market segmentation and 1992: toward a theory of trade in financial services," International Finance Discussion Papers 394, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  8. Garry J. Schinasi, 1989. "European integration, exchange rate management, and monetary reform: a review of the major issues," International Finance Discussion Papers 364, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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