Single Market In Financial Services Research Articles

The Forum of European Securities Commissions (Fesco): an Answer to the Needs of a European Single Market for Financial Services

This article describes the role of Fesco. It allows regulators to express their viewpoints to European authorities, and to establish standards. Fesco has concentrated its actions on four issues : financial operations, market organisation, financial intermediaries, and market integrity. JEL Classifications : G18

EU通貨統合の世界経済への影響

On January first, 1999, stage III of Emu began. Monetary and fiscal policies in Euroland will be conducted with an eye towards winning the world's confidence in the euro. The Maastricht criteria on debts and deficits have already led to unprecedented spending-cuts and social security reforms in many Member States. The Stability and Growth Pact is expected to Keep the pressure for fiscal prudence. The Maastricht treaty ensures the independence of the ECB, even though other institutions (such as the Euro-11) may also try to influence monetary policymaking in Euroland. Monetary and fiscal tightening, as well as loss of devaluation as a policy tool, should encourage progress in much needed stroctural reforms.For any currency to be widely used and held as a vehicle of financial investment, its market must be deep, liquid and transparent. Here the US dollar has an advantage over the euro. In October the Commission adopted an action plan to create a single market in financial services, although implementation may be deiayed due to objections from France among others. In November, seventeen European nations including the UK, Germany and France ageed to start a unified securities market by 2001.The euro is a new element in a potentially volatile market. The chance of currency market turmoil exists both when the euro is strong and when it is weak. If the markets prefer the euro over the US dollar (due to US current account deficits, for instance) there may be a sudden, massive shift out of the dollar into the euro. If on the other hand, for any reason the confidence in Emu is shaken, the reverse can happen.Neither of these is a prospect to look forward to. That is another reason why doubts have crept into the minds of many as to the virtues of a completely free movement of capital.The importance of the EU is now greater than it ever has been in the post-war era. If the euro is widely accepted, developing nations will no longer have to keep all eggs in the same basket, both in terms of foreign exchange reserves as well as baskets to peg their currencies to. In terms of macro-economic balances, the EU needs to help fill the gaping hole in global demand created by financial collapses around the world. And in terms of economic systems, Europe with a strong financial sector and prosperous economy can be effective as a counter-weight, against global convergence towards a system that is market-oriented in the extreme.

Banking regulation in the European union: Some issues and concerns

AbstractBanking regulation and supervision in the EU today has to be conducted in accordance with the Single Market legislation promulgated by the European Commission. The creation of a European Single Market in financial services, which was provided for in the Treaty of Rome of 1957 and in the Single European Act of July 1987 which revised it, was originally planned for completion by the end of 1992, although the final pieces of the jigsaw were not in place until the beginning of 1996. This article explains what the European Single Market in financial services represents, the rationale for it, and the measures, including the use of legally binding Directives, adopted to deliver it on the banking front. It concludes with a discussion and analysis of some of the issues and concerns which implementation of the Single Market program for banking services has given rise to, with special emphasis being placed on the evolution of minimum capital standards for banks.

Conflict of Laws and the Single Market for Financial Services (Part II)

Conflict of Laws and the Single Market for Financial Services (Part II)

Structuring Deposit Insurance for a United Europe

This paper analyses the difficulties associated with imposing a unified deposit insurance scheme in a unified Europe. Specifically, it investigates the determinants of optimal deposit insurance in light of the Commission's 1994 decision requiring mandatory minimum coverage and encouraging a single unified deposit insurance structure. Issues of deposit insurance premiums and tax burden are analysed in the context of a general equilibrium-type model. The results indicate that taxes, the optimal degree of deposit insurance, and societal risk aversion are all interrelated in such a structure. Therefore, a common insurance system may not be feasible nor appropriate for a first best solution; co-ordination and even unified taxation may be necessary. At the minimum, exceedingly close macroeconomic policy co-ordination will be necessary for the single market for financial services to come to fruition and achieve stability.

Conflict of Laws and the Single Market for Financial Services (Part I)

Conflict of Laws and the Single Market for Financial Services (Part I)

Electronic commerce and the Single Market in financial services in Europe: What chances for success?

The Single Market in financial services (investment funds, banking, insurance and investment services) has had a long gestation and has been a mixed success. It is now faced with a new challenge, the adaptation of the Community regulatory framework to an electronic environment. This paper reviews progress in creating a Single Market in financial services, in particular the application of freedoms to provide services and of establishment and the principles of mutual recognition, home country control and the single licence. It also identifies issues in relation to electronic advertising, marketing and provision of financial services on a cross‐border basis. The paper seeks to show that existing and proposed Community legislation provides a framework for future development of this new medium:

Banking in Europe: The Single Market.

Introduction to banking in the European Community the EC and the Single Market Programme the current position and the Commission's approach the legislative measures banking strategies for 1992 preparations and attitudes of the major UK banks economic aspects of a Single Market in financial services.