The Impact of EU Accession on Austria's Financial Structure
The trend toward deregulation in the Austrian financial system has gained considerable momentum owing to the country's EU accession in 1995. The relative importance of bank intermediation has declined, while the competitive pressure of euro area banks has remained fairly low to date. Austrian banks reacted to the challenges posed by EU membership by adopting, in essence, three strategies: stepping up the number of mergers and acquisitions, cutting resources and internationalizing their business activities, moving especially into the financial markets of Central and Eastern Europe (CEE). The spectrum of enterprises' financing options has increased considerably as a result of EU membership, whereas hardly any effects have been observed on households' investment decisions.
Volume (Year): (2005)
Issue (Month): 2 ()
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- Lieven Baele & Annalisa Ferrando & Peter Hördahl & Elizaveta Krylova & Cyril Monnet, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.