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Financial Integration in Europe 2007 FINANCIAL INTEGRATION IN EUROPE MARCH 2007 FINANCIAL INTEGRATION IN EUROPE IN EUROPE FINANCIAL INTEGRATION MARCH 2007 ISSN 1830714-0 9 771830 714009 EUROPEAN CENTRAL BANK EUROPEAN FINANCIAL INTEGRATION IN EUROPE MARCH 2007 In 2007 all ECB publications feature a motif taken from the €20 banknote. © European Central Bank, 2007 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Website http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISSN 1830-7140 (print) ISSN 1830-7159 (online) CONTENTS PREFACE 4 4 Next Steps towards the Implementation of SEPA 52 EXECUTIVE SUMMARY 6 5 Conclusions 53 CHAPTER 1: CHAPTER 3: THE STATE OF FINANCIAL INTEGRATION EUROSYSTEM ACTIVITIES FOR FINANCIAL IN THE EURO AREA 11 INTEGRATION 55 1 Introduction 11 1 Legislative and Regulatory 2 Overview of the Main Financial Framework for the Financial Market Segments 11 System 55 3 Special Focus: Integration in the 2 Catalyst for Private Sector Banking Markets 17 Activities 63 3 Knowledge about the State of Financial Integration 65 CHAPTER 2: 4 Central Bank Services that Foster SPECIAL FEATURES 21 Financial Integration 69 A. MONETARY POLICY AND FINANCIAL ANNEX: INTEGRATION 21 INDICATORS OF FINANCIAL INTEGRATION 1 Introduction 21 IN THE EURO AREA S1 2 The Role of Financial Markets in the Monetary Policy Transmission Mechanism 22 3 Evidence on the Interest Rate Channel 24 4 The Credit Channel: Impact on Non-financial Corporations 29 5 Conclusions 32 B. STRENGTHENING THE EU FRAMEWORK FOR CROSS-BORDER BANKS 33 1 Introduction 33 2 Developments in Cross-border Banking 34 3 Obstacles and Related Public Policy Initiatives 37 4 Enhancing the Prudential Framework for Cross-border Banks 39 5 Conclusions 43 C. THE SEPA INITIATIVE AND ITS IMPLICATIONS FOR FINANCIAL INTEGRATION 44 1 Introduction 44 2 The Creation of SEPA 45 3 How SEPA will contribute to Financial Integration and Efficiency 48 ECB Financial integration in Europe March 2007 3 PREFACE INTRODUCTION THE EUROSYSTEM’S INTEREST IN EUROPEAN FINANCIAL INTEGRATION This report “Financial Integration in Europe – March 2007” is the first issue of a new annual Against the background of its core tasks, the ECB publication. The main purpose of this Eurosystem has a keen interest in financial Report is to enhance the contribution of integration and the efficient functioning of the Eurosystem to the Community objective the financial system in Europe, particularly in of advancing European financial integration. the euro area.3 Financial integration is of In addition, the report is designed to raise key importance for the conduct of the single public awareness about the role of the monetary policy, as a well-integrated financial Eurosystem in supporting financial integration. system enhances the smooth and effective transmission of monetary policy impulses Since central banks are at the core of financial throughout the euro area. Furthermore, financial systems, they closely follow developments in integration is highly relevant to the Eurosystem’s this field.1 While financial integration is an task of contributing to safeguarding financial important driver for increasing the efficiency stability. Financial integration is also of a financial system, the latter also depends on fundamental to the Eurosystem’s task of other factors such as the degree of its promoting the smooth operation of payment development and the quality of the fundamentals systems; the latter also relate to the safe and determining the framework conditions of the efficient functioning of securities clearing and financial market. To capture all aspects of settlement systems. Finally, in accordance with financial efficiency, it is therefore envisaged to Article 105 of the Treaty, the Eurosystem widen this report’s scope over time to encompass supports, without prejudice to the objective of these factors as well. This is also in line with an price stability, the general economic policies of invitation by the Council of Economic and the Community. Financial integration, which Finance Ministers (the ECOFIN Council) to the helps to promote the development of the ECB “to monitor and assess relevant financial system, thereby raising the potential institutional features that hinder the efficient for stronger non-inflationary economic growth, functioning of the financial system, and to is a key component of the general economic pursue efforts aimed at improving the financial policy of the EU. market framework conditions.”2 To this end, in 1999 the European Commission This report is structured into three main initiated the Financial Services Action Plan chapters. The first chapter provides the ECB’s (FSAP). The FSAP represented a major step assessment of “The state of financial integration forward in the further harmonisation of financial in the euro area”, based on a set of quantitative market legislation in the EU, which is an indicators. The second chapter comprises important element for fostering financial Special Features which contain in-depth integration. Further initiatives are nevertheless assessments of selected issues relating to 1 For example, since December 2004 the ECB has begun to financial integration. The third chapter on publish twice a year the “Financial Stability Review”, which “Eurosystem activities for financial integration” monitors and assesses developments related to the stability of provides an overview of the main activities in the euro area financial system. 2 See the press release of the ECOFIN Council meeting, the reference period. Luxembourg, 10 October 2006. This request was also addressed to the European Commission. This report is expected to be released annually 3 The Governing Council of the ECB formulated the Eurosystem’s mission statement: “We in the Eurosystem have as our primary around the end of March. While the geographical objective the maintenance of price stability for the common scope of the report mainly pertains to the euro good. Acting also as a leading financial authority, we aim to safeguard financial stability and promote European financial area, issues will also be addressed from an EU integration.” (For more details: http://www.ecb.int/ecb/orga/ perspective, where relevant. escb/html/mission/eurosys.en.html.) ECB Financial integration in Europe 4 March 2007 PREFACE indispensable, as reflected in the Commission’s indicators, capturing for example measures of White Paper on Financial Services Policy financial development. 2005-2010, which was released in December 2005. Also in 2005, following a mid-term Third, the Eurosystem contributes to furthering review, the European Council re-launched the the financial integration process in four main Lisbon Strategy, which aims at strengthening ways: (i) giving advice on the legislative and growth and increasing employment in Europe. regulatory framework for the financial system The Eurosystem fully supports this initiative. and on direct rule-making; (ii) acting as a Furthermore, a contribution from the ECB to catalyst for private sector activities by the discussion at the September 2006 Informal facilitating collective action; (iii) enhancing ECOFIN meeting highlighted the benefits knowledge, raising awareness and monitoring of complementing ongoing initiatives in the the state of European financial integration; and field of financial integration with measures (iv) providing central bank services that also promoting financial development.4 foster European financial integration. MAIN ELEMENTS OF THE ECB’S WORK ON FINANCIAL INTEGRATION The ECB structures its work on European financial integration around three main elements.5 First, the ECB has adopted a definition of financial integration: it considers the market for a given set of financial instruments or services to be fully integrated when all potential market participants in such a market (i) are subject to a single set of rules when they decide to deal with those financial instruments or services, (ii) have equal access to this set of financial instruments or services, and (iii) are treated equally when they operate in the market.6 Second, building on this definition, the ECB has sought to devise a way to capture, in quantitative terms, the state of financial integration in the euro area. Quantitative indicators of financial integration in the euro 4 See also “The role of financial markets and innovation for area provide the basis for a comprehensive productivity and growth in Europe”, ECB Occasional Paper No assessment of both the current level of financial 55, forthcoming. 5 The ECB has explained its work in this respect in two Monthly integration and its evolution over time. Analysis Bulletin articles on European financial integration: “The of the state of European financial integration integration of Europe’s financial markets”, published in October and the monitoring of its progress over time are 2003, and “The contribution of the ECB and the Eurosystem to European financial integration”, published in May 2006. prerequisites for targeted action designed to 6 The term “market” is used in a broad sense, covering all possible foster financial integration. Moreover, in view exchanges of financial instruments or services, be these via an organised market, such as a stock exchange, or via an over-the- of the envisaged extension of the report’s scope, counter market created by a financial
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