Title: Regulatory competition for EU financial services
Abstract: The practical impact of EU regulatory efforts to facilitate cross-border financial services has yet to become clear. This may reflect either lingering Member State protectionism or simply the time needed for regulatory reform to become effective. The fact that EU harmonization has resulted in the adoption of minimum standards that cannot considered high in relative terms supports the latter explanation. Market access has been facilitated and there is room for regulatory competition - especially when Euro and e-commerce developments are taken into account. However, in the end, the growth of cross-border financial services will depend upon the perceived effectiveness of home Member State supervision. Given that modern financial supervision requires regulatory agencies to successfully hire and retain a large number of specialists, both providers of financial services and regulators seem willing to sacrifice some regulatory diversity in favor of centralized EU supervision.
Publication Year: 2000
Publication Date: 2000-06-01
Language: en
Type: article
Indexed In: ['crossref']
Access and Citation
Cited By Count: 24
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot