By Rainer Beckmann, Carsten Eppendorfer (auth.), Prof. Dr. Paolo Cecchini, Dr. Friedrich Heinemann, Dr. Mathias Jopp (eds.)
The incomplete eu marketplace for monetary companies, the stumbling blocks to its integration and the capability merits from extra integration are topic of this publication that's mostly focussing on retail markets. The research should be considered as a modernised follow-up to the monetary industry a part of the well-known 1988 Cecchini file "The fee of non Europe". Even within the Euro age, retail monetary markets within the european are seriously fragmented and the patrons pay a wide cost for this fragmentation. This additionally weakens the expansion viewpoint of ecu and its overseas function. motives originate either from usual and policy-induced elements. Priorities for destiny guidelines are the dismantling of tax discriminations and extra harmonisation in shopper safeguard and monetary supervision.
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Additional info for The Incomplete European Market for Financial Services
DECD (2000), Financial Market Trends No. 75, Paris. DECD (2001 a). Insurance Statistics Yearbook 1992-1999, Paris. 3, Paris. SchUler, M. (2002), Integration of the European Market for E-Finance - Evidence from Online Brokerage, also published in this volume. Swiss Re (1996), Deregulation and Liberalisation of Market Access: The European Insurance Industry on the Threshold of a New Era in Competition, sigma (7). Swiss Re (2000a), Europe in Focus: Non-Life Markets Undergoing Structural Change, sigma (3).
Taking a longer-term perspective, Figure 1 plots the evolution of banks' foreign assets and liabilities relative to GDP. From these graphs, a number of interesting features emerge: First, foreign activities of commercial banks have expanded rapidly after the end of the Bretton-Woods period and the subsequent abolition of capital controls in the early 1970s. Prior to this time, they hardly accounted for more than 5 to 10% of GDP. This is consistent with studies on long-term changes in the degree of capital 38 Claudia M.
The survey confIrms the presumption made above since with regard to life insurance business pan-European competition is regarded "tentatively lower". In this special case the market participant explained that assessment by the sluggish behaviour of clients keeping their close ties to their well-known intermediary. Certainly though, market transparency also suffers from the extremely diverse tax provisions, especially within the life insurance sector. Regulation, Supervision and Consumer Protection Regulation and prudent supervision of insurance as an highly regulated business within the EU is subject to minimum harmonisation standards.