The aim of this chapter is to evaluate to what extent the Single European Act of 1986 affected the Portuguese banking industry and analyse the preparations made by this industry to face EMU. It is not a simple task. Being a highly regulated and protected market just ten years prior to the implementation of the Single Market legislation, the country’s banking sector had to be deregulated at a very fast pace in order to allow for a smoother transition to the new European environment. Thus, in most cases, it is impossible to distinguish between the specific effects of the domestic deregulation of the early 1990s and the specific effects of the Single Market legislation.
KeywordsBanking Sector Foreign Bank Banking Group Single Currency European Bank
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