The Drive for Financial Integration: Stability and Inclusion at Risk

Jörg Huffschmid
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Jörg Huffschmid: University of Bremen

Chapter 4 in Economic Policy for a Social Europe, 2005, pp 41-58 from Palgrave Macmillan

Abstract: Abstract Until recently, the regulation of the EU financial services sector concerned mainly banks. Until the late 1970s, banking in most EU states was highly regulated, with little coordination among countries. The First Banking Directive in 1977 provided a minimum level of harmonization, stipulating that bank supervisors should cooperate and that foreign identity was not a ground for refusing a bank licence. It left national regulatory differences intact. In the 1980s, there followed a period of deregulation at the national, as well as at the EU, level. Since the late 1980s, however, the tendency to deregulate has been combined with a renewed attempt at harmonizing regulation for the industry as a whole in the EU (Danthine et al., 1999).

Keywords: Financial Service; Euro Area; Financial Integration; Investment Firm; Financial Liberalization (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52339-5_4

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DOI: 10.1057/9780230523395_4

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