A Conceptual-Empirical Study of the Role of Regulation in Promoting a Single Euro Payments Area
G Conclusion 276
276 G Conclusion This study investigated the role of European regulation in facilitating the crea- tion of a single retail banking market. The choice of policy measures to over- come barriers to integration persistent in the retail banking integration process took a center stage in the analysis. This study initially hypothesized that in high- ly fragmented, heterogeneous markets, market forces on their own may fail to develop a single market, so that the intervention of regulation is required. With respect to the role of EU-regulation in promoting market integration this study raised the research question about the key decision factors influencing the choice for regulation compared to a market solution and how can policy inter- ventions be measured with regard to their effectiveness and efficiency. To an- swer the research question and to fill the identified research gap in regulation theory, this study developed a theoretical-conceptual framework that allows both theorists and practitioners to systematically examine the barriers to integration in a market, to identify the underlying market, government or coordination failures justifying policy intervention, and to finally derive efficient and effective policy measures. Due to the general thematic focus on banking regulation and the high com- plexity of the European banking markets, regulation was analyzed by a concep- tual-empirical approach, following an analytical and empirical research strategy. The conceptual model was directly tied to the economic theories on European integration and banking regulation. It assessed the efficiency and effectiveness of regulation, encompassing a comparative institutional approach to regulation and...
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