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The transformation of finance in Europe:introduction and overview

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  • Peree, Eric

    ()
    (European Investment Bank, Economic and Financial Studies)

  • Riess, Armin

    ()
    (European Investment Bank, Economic and Financial Studies)

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    Abstract

    This paper introduces the topic of Europe's changing financial landscape and highlights the findings of the contributions to this volume of the EIB Papers. Key points emerging from this overview include: (i) a variety of factors are reshaping Europe's finance, notably the Single Market, EMU, demographic trends, increasing wealth, technological progress, and financial innovation; (ii) further integrating Europe's financial systems, across borders and segments, should significantly increase economic welfare; (iii) although the functions that financial systems perform are being reallocated - implying a move towards the Anglo-Saxon paradigm - banks will remain important and should maintain their comparative advantage in financing small and medium-sized enterprises; (iv)the economic case in favour of a move towards funded pension systems - which would boost capital markets - is not as compelling as often assumed.

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    File URL: http://www.eib.org/attachments/efs/eibpapers/eibpapers_2003_v08_n01_en.pdf#page=10
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    Bibliographic Info

    Paper provided by European Investment Bank, Economics Department in its series EIB Papers with number 1/2003.

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    Length: 25 pages
    Date of creation: 09 Jun 2003
    Date of revision:
    Handle: RePEc:ris:eibpap:2003_001

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    Related research

    Keywords: Single Market; EMU; demographic trends; banks; SMEs; Capital Markets; financial innovation;

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    References

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    1. Huizinga, H.P., 2003. "Comment on 'European banking, past, present, and future'," Open Access publications from Tilburg University urn:nbn:nl:ui:12-148675, Tilburg University.
    2. InĂªs Cabral & Frank Dierick & Jukka Vesala, 2002. "Banking integration in the euro area," Occasional Paper Series 06, European Central Bank.
    3. Xavier Vives, 2001. "Competition in the Changing World of Banking," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 17(4), pages 535-547.
    4. Panicos O. Demetriades & Philip Arestis, 1996. "Financial Development and Economic Growth: Assessing the Evidence," Keele Department of Economics Discussion Papers (1995-2001), Department of Economics, Keele University 96/16, Department of Economics, Keele University.
    5. Mariassunta Giannetti & Luigi Guiso & Tullio Jappelli & Mario Padula & Marco Pagano, 2002. "Financial Market Integration, Corporate Financing and Economic Growth," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 179, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
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    Cited by:
    1. Andreani, Ettore & Neuberger, Doris, 2004. "Relationship finance by banks and non-bank institutional investors: A review within the theory of the firm," Thuenen-Series of Applied Economic Theory 46, University of Rostock, Institute of Economics.
    2. Wagenvoort, Rien, 2003. "BANK SURVEY EVIDENCE ON "BANK LENDING TO SMEs IN THE EUROPEAN UNION"," Economic and Financial Reports, European Investment Bank, Economics Department 2003/1, European Investment Bank, Economics Department.

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