Financial Architecture

Seppo Honkapohja and Frank Westermann
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Frank Westermann: EEAG

Chapter 11 in Designing the European Model, 2009, pp 366-398 from Palgrave Macmillan

Abstract: Abstract There has been much progress in the integration of European financial markets since the lifting of capital controls during the 1980s, the First and Second Banking Directives (1977 and 1989), the Single Market Programme and monetary union. However, the European banking market, especially in its retail sector, continues to be segmented, and many obstacles remain on the way. For example, most of the mergers and acquisitions (M&A) activity is domestic. Furthermore, the emergence of pan-European stock exchanges has been delayed for a variety of reasons, but especially because of regulatory barriers. Indeed, there seems to be growing disenchantment because of the resiliency of the obstacles to the integration of financial markets. Arguably, regulatory fragmentation constitutes the major obstacle to the integration of financial and banking markets in Europe. Questions have also been raised about the adequacy of present arrangements to preserve stability in the euro area.

Keywords: Euro Area; Monetary Union; Banking Market; European Financial Market; Single Market Programme (search for similar items in EconPapers)
Date: 2009
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Journal Article: Financial Architecture (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23665-3_12

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DOI: 10.1057/9780230236653_12

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