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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 abbreviations XVII

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XVII List of abbreviations ACH Automated Clearing House AT Austria ATM Automated Teller Machine BACS Bankers Automated Clearing System BCG Boston Consulting Group BE Belgium BEUC Bureau Européen des Union Consommateurs BIC Bank Identifier Code BIS Bank for International Settlements bn Billion BNB/ NBB Banque Nationale de Belgique/ Nationale Bank van België BSC Banking Supervisory Committee CBF Commission Bancaire et Financière/Commissie voor het Bank- en Financiewezen (Banking and Finance Commission) CEBS Committee of European Banking Supervisors CEIOPS Committee of European Insurance and Occupational Pensions Su- pervisors CESR Committee of European Securities Regulators CESR Committee of European Securities Regulators CIS Conference of Insurance Supervisory Authorities cp. Compare CSM Clearing and Settlement Mechanisms CY Cyprus DE Germany DEA Data Envelopment Analysis DMUs Decision-Making Units XVIII DTA Datenträgeraustausch - Data exchange EACB European Association of Co-operative Banks EACHA European ACH Association EACT European Associations of Corporate Treasurers EAPB The European Association of Public Banks EBA Euro Banking Association EBF European Banking Federation EC European Committee ECB European Central Bank ECOFIN EU Council on Economic and Financial Affairs ECON Committee on Economic and Monetary Affairs EEA European Economic Area EFMA European Financial Management & Marketing Association EFR European Financial Services Roundtable EFSA EU regulatory and supervisory authority EMU Economic and Monetary Union EMZ/ RPS Elektronischer Massenzahlungsverkehr/ Retail Payment System EPC European Payments Council ES Spain ESBG European Savings Banks Group ESCB European System of Central Banks ESFSA European System of Financial Supervisory Authorities et al. et alii EU European Union FI Finland...

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