Sapir, A. and Wolf, G., (2013), “Reshaping Europe’s financial system”, Bruegel, 23 Σεπτεμβρίου.
With the upcoming Asset Quality Review (AQR) by the European Central Bank, Europe has a chance to fundamentally reshape its financial system to make it both more stable and more efficient. This will require bold action not only to clean up bank balance sheets but also to set a genuine single market for financial services.
Prior to the crisis, Europe’s financial system had become increasingly integrated, especially inside the euro area. However, integration was far from complete. While the interbank market was highly integrated, both retail banking and capital markets remained largely fragmented along national lines. Bank mergers occurred predominantly between institutions of the same country, except in central and eastern Europe. As a result, the share of foreign owned banks’ assets in total assets is still below 10 percent in all the large western EU countries.
See also:
Sapir, A. and Wolf, G., (2013), “The neglected side of banking union: reshaping Europe’s financial system”, Bruegel Policy Paper, 12 Σεπτεμβρίου.
Σχετικές Αναρτήσεις
- Mayer, Thomas, (2013), “A Copernican turn in Banking Union urgently needed”, CEPS Policy Briefs, N. 297.
- Micossi, Stefano, (2013), “Tough love for sinners in the Εurozone banking union”, CEPS Commentaries in Economic Policy, 1 Ιουλίου.