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).
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Arestis, Ph., Financial Sector Reforms in Developing Countries with Special Reference to Egypt, WP No. 383 (The Levy Economics Institute of Bard College, 2003).
Arestis, Ph. and A. Caner, Financial Liberalization and Poverty: Channels of Influence, WP No. 411 (The Levy Economics Institute of Bard College, 2004).
Arestis, Ph., A. D. Luintel and K. B. Luintel, Does Financial Structure Matter?, WP No. 399 (The Levy Economics Institute of Bard College, 2004).
Backe, P. and Ch. Thimann, The Acceding Countries’ Strategies towards ERM II and the Adoption of the Euro: an Analytical Review, ECB, OPS No. 10 (February 2004).
Barrell, R., E. Philip Davis and O. Pomerantz, ‘Basel II, Banking Crises and the EU Financial System’, NIESR Papers in: Study on the Financial and Macroeconomic Consequences of the Draft Proposed New Capital Requirements for Banks and Investment Firms in the EU, Final Report (PricewaterhouseCoopers, 8/4/2004).
Caviglia, G., G. Krause and Ch. Thimann, ‘Key Features of the Financial Sectors in EU Accession Countries’, in: Thimann, Ch. (ed.) Financial Sectors in EU Accession Countries (ECB, 2002).
Commission of the European Communities, Financial Services: Implementing the Framework for Financial Markets — Action Plan, COM (1999) 232 (Brussels, 1999).
Commission of the European Communities, Report on the Implementation of the 2001 Broad Economic Policy Guidelines, ECFIN/16/2002 (Brussels, 2002).
Commission of the European Communities, Report on the Implementation of the RCAP, COM (2003) 654 final (Brussels, 2003a).
Commission of the European Communities, Financial Services: Commission Presents Measures to Improve Regulation of Banking, Insurance and Investment Funds, IP/03/1507 (Brussels, 2003b).
Commission of the European Communities, Report on the Implementation of the 2003–2005 Broad Economic Policy Guidelines, COM (2004) 20 final (Brussels, 2004a).
Commission of the European Communities, Financial Services: Turning the Corner, 10th Report (Brussels, 2004b).
Danthine, J. P., G. Giavazzi, X. Vives and E. L. Von Thadden, The Future of European Banking, Monitoring European Integration, 9, CEPR (1999).
ECB, ‘Developments in National Supervisory Structures’, Monthly Bulletin (June 2003a).
ECB, ‘Recent Developments in Financial Structures of the Euro Area’, Monthly Bulletin (October 2003b).
ECB, ‘The Acceding Countries’ Economies on the Threshold of the European Union’, Monthly Bulletin (February 2004).
European Economy, ‘Update of the Report on Macroeconomic and Financial Sector Stability Developments in Candidate Countries’, No. 11 (2002).
Frangakis, M., ‘Globalization and Structural Change: the Challenge to Regulation and Supervision’, in: A. Kintis, P. A. Koveos, C. Paraskevopoulos and N. Baltas (eds) Money and Finance in the Global Economy, Studies in Economic Transformation and Public Policy (Toronto: APF Press, 2002d).
Frangakis, M., J. Grahl, J. Huffschmid and D. Plihon, ‘Financial Markets in the EU — Policy Developments and Proposals for Alternatives’, Paper prepared for the 8th Workshop on Alternative Economic Policy in Europe (Brussels, 27–28 September 2002).
Grahl, J., After Maastricht — a Guide to European Monetary Union (Lawrence & Wishart Ltd, 1997).
Grahl, J., ‘Globalized Finance’, New Left Review, No. 8 (2002) pp. 23–47.
Grahl, J., ‘Problems of Financial Integration in the EU’, Contribution to the UACES Conference (Newcastle, September 2003).
IMF, Euro Adoption: the Next Step in European Integration, Key points from the IMF staff study, Brussels Economic Forum (April 2004).
PricewaterhouseCoopers, Study on the Financial and Macroeconomic Consequences of the Draft Proposed New Capital Requirements for Banks and Investment Firms in the EU, Final Report (8/4/2004).
Rajan, R. and L. Zingales, ‘Banks and Markets: the Changing Character of European Finance’ in: the Transformation of the European Financial System, 2nd ECB Central Banking Conference, 24–25 October 2002 (Frankfurt am Main, 2003).
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Copyright information
© 2005 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Huffschmid, J. (2005). The Drive for Financial Integration: Stability and Inclusion at Risk. In: Huffschmid, J. (eds) Economic Policy for a Social Europe. Palgrave Macmillan, London. https://doi.org/10.1057/9780230523395_4
Download citation
DOI: https://doi.org/10.1057/9780230523395_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-52219-4
Online ISBN: 978-0-230-52339-5
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)