Convergencia, integración y competencia en los mercados financieros europeos
[Convergence, integration and competition in the European financial markets]
The aim of this paper is to analyze the process of integration and competition in European financial markets. We explore the obstacles or barriers which hinder this process, as well as the main drivers and initiatives which have been implemented to move financial integration forward. According to most of the evidence on this subject, the process of financial integration has indeed advanced, but the process is slow and far from having been achieved in many areas of financial activity, in particular, retail markets. Regarding competition, the evidence is not so conclusive. The fact is that although absolute margins have been narrowed, relative margins – as an indicator of market power - have increased. The different kinds of barriers (fiscal, regulatory, institutional, etc) which protect national markets from foreign competition are the main obstacles to this process of integration and competition.
|Date of creation:||2004|
|Date of revision:||2004|
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- Maudos, Joaquin & Fernandez de Guevara, Juan, 2003.
"Factors Explaining the Interest Margin in the Banking Sectors of the European Union,"
15252, University Library of Munich, Germany.
- Maudos, Joaquin & Fernandez de Guevara, Juan, 2004. "Factors explaining the interest margin in the banking sectors of the European Union," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2259-2281, September.
- Inês Cabral & Frank Dierick & Jukka Vesala, 2002. "Banking integration in the euro area," Occasional Paper Series 06, European Central Bank.
- Beckmann, Rainer & Eppendorfer, Carsten & Neimke, Markus, 2002. "Financial integration within the European Union: Towards a single market for insurance," MPRA Paper 5280, University Library of Munich, Germany.
- Heinemann, Friedrich & Jopp, Mathias, 2002. "The benefits of a working European Retail Market for financial services: Report to European Financial Services Round Table," ZEW Expertises, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research, number 110486.
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