By Tobias C Hoschka
Providing a accomplished evaluate of the recommendations of banks and insurance firms within the flow in the direction of an inner ecu marketplace for monetary providers, this publication analyzes the newest theoretical and institutional advancements. It additionally presents a number of case reports of tangible cross-border access suggestions of a few of the biggest ecu monetary institutions.
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Delivering a entire evaluation of the concepts of banks and insurance firms within the circulation in the direction of an inner ecu marketplace for monetary companies, this booklet analyzes the newest theoretical and institutional advancements. It additionally presents more than a few case reviews of exact cross-border access options of a few of the most important ecu monetary associations.
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Additional resources for Cross-Border Entry in European Retail Financial Services: Determinants, Regulation and the Impact on Competition
In September 1989 these plans were abandoned in favour of a strategic alliance. One of the main reasons for the failure of the cross-border merger was that neither bank was willing to be 'acquired' and thus forced to change nationality. In addition, the lack of a European company statute was cited as creating considerable tax and legal problems. 18 For a more detailed account of the history of multinational banking, see the contributions in Jones (1990a) on which part of this account is based.
Finally, the third section analyses the question whether increased cross-border entry will lead to competitive deregulation among European regulators. 1. Public regulation of retail financial services as a response to market failures Financial services are usually subjected to a much higher degree of public regulation than any other service industry, even though the 1980s have witnessed a series of deregulatory moves in most Western countries3 and the internal European market programme for financial services has been described as a gigantic exercise in deregulation.
As the value of the firm's assets plunges, possibly to a level insufficient to cover all liabilities, it may be a rational strategy for depositors and policyholders to transfer their funds from threatened institutions to firms with a less risky asset portfolio. 14 While such asset transfers do not jeopardise the entire financial system, they may still inflict real costs on the economy, as firms which are affected by a run have to call in loans and these may not be immediately replaced by loans on similar terms from other financial institutions due to transaction costs.