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Creating and Governing an Integrated Market for Retail Banking Services in Europe

A Conceptual-Empirical Study of the Role of Regulation in Promoting a Single Euro Payments Area

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Matthäus Markus Sielecki

The creation of the Economic and Monetary Union (EMU) has accelerated the harmonization process of regulation and governance in Europe. However, the integration of fragmented retail banking markets still represents a difficult task for regulators. This book investigates the role of EU policy in creating a single market, addressing explicitly questions on the choice of policy measures to overcome barriers to integration persistent in these markets. Based on an analysis of different regulatory theories, the author develops a conceptual framework and illustrates its applicability to the case of the Single Euro Payments Area (SEPA) initiative. The fact that a single market has not yet evolved is less a sign of market or coordination failures than of government failures. The author concludes that, despite the political resistance from national interest groups, regulatory barriers need to be removed first to provide a level playing field for banks and a safe legal environment for consumers.

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List of tables XIII

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XIII List of tables Table 1: Market characteristics and obstacles to integration ................................ 4 Table 2: Definition of retail banking services and products ................................. 9 Table 3: Financial market integration summarized ............................................. 10 Table 4: Summary Chapter A .............................................................................. 26 Table 5: Comparing functional banking regulation approaches ......................... 55 Table 6: Summary Chapter B .............................................................................. 65 Table 7: Institutional setting for financial supervision in the EU ....................... 86 Table 8: Summary Chapter C .............................................................................. 92 Table 9: Reasons for market failures and examples in retail banking .............. 104 Table 10: Relationship between detriments and EC objectives ........................ 107 Table 11: Types of consumer detriments and potential benefits of regulation . 111 Table 12: Direct measurement of market improvements for end-consumers ... 125 Table 13: Summary Chapter D.......................................................................... 132 Table 14: Supply-side barriers to integration and detriments ........................... 147 Table 15: Demand-side barriers to integration and detriments ......................... 149 Table 16: Artificial barriers to integration and detriments ............................... 151 Table 17: Number of credit institutions in the eurozone (2000-2008) ............. 167 Table 18: Payment and terminal transactions (2008) ........................................ 177 Table 19: Organizational forms of interest representation in the EU ............... 182 Table 20: European associations ‘position on payment market integration ..... 187 Table 21: Interest groups' positions and implications for regulation ................ 190 Table 22: Summary of theoretical assessment .................................................. 198 Table 23: Comparison of Regulation 2560/2001, SEPA and PSD ................... 215 XIV Table 24: Proposed instruments to measure impact of the RPE and PSD ........ 216 Table 25: Total operating profit of payments in selected EU countries (2002) 218 Table 26: Evolution of average transaction fees and payments revenues ........ 220 Table 27:...

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