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Financial Intermediation in Europe (Hardcover, 2002 ed.)
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Financial Intermediation in Europe (Hardcover, 2002 ed.)
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Two items were firmly on the European economic agenda in the 1990s:
financial market integration and the creation of a common or single
currency. The former was supposed to have been achieved in 1992
(via the Single Market Act, with some derogations), and the latter
came into being on January 1, 1999. This study is concerned with a
particular connection between the two themes, namely the process of
financial intermediation and especially the role of banking. 1.1
Financial & Monetary Integration in Europe Up until the
mid-1980s, European financial intermediation was, as else where 'on
shore' in the post-war period, broadly characterised by a
relatively high degree of diverse regulatory control and with
cross-border restrictions (e.g., in the form of exchange controls).
This resulted in the administration of interest rates and pegging
of prime market yields, as well as restrictions on intermediary
specialisation. Hence, it was easy to understand why price c,
etition was hardly ever seen. Within this kind of environment,
banks and other financial intermediaries (OFIs) competed mainly on
non-price terms - for example, through the expansion of branch
networks. The Single Market Programme (SMP), l launched in 1986,
was in a com plex way intended to level out and open up the
domestic markets of the European Union (EU) to competition from
entities in other Member States."
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