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Convergencia, integración y competencia en los mercados financieros europeos

Maudos, Joaquin and Pérez, Francisco (2004): Convergencia, integración y competencia en los mercados financieros europeos. Published in: Papeles de Economía Española No. 101 (2004): pp. 114-136.

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The aim of this paper is to analyze the process of integration and competition in European financial markets. We explore the obstacles or barriers which hinder this process, as well as the main drivers and initiatives which have been implemented to move financial integration forward. According to most of the evidence on this subject, the process of financial integration has indeed advanced, but the process is slow and far from having been achieved in many areas of financial activity, in particular, retail markets. Regarding competition, the evidence is not so conclusive. The fact is that although absolute margins have been narrowed, relative margins – as an indicator of market power - have increased. The different kinds of barriers (fiscal, regulatory, institutional, etc) which protect national markets from foreign competition are the main obstacles to this process of integration and competition.

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