Analyse: Grenzüberschreitende Konsolidierung in der Finanzdienstleistungsindustrie in Europa

Dieses CEPS-Papier geht auf die Ergebnisse einer Konferenz ein, bei der Entwicklungen, Hindernisse und Politikinitiativen in dem Bereich der Integration von Finanzdienstleistungen in der EU analysiert wurden. 

The event brought together policymakers, academics and high-level industry representatives to discuss the state of financial services consolidation in Europe; its economic rationale and implications; the remaining obstacles to cross-border consolidation and integration; the alternative strategies to external growth across borders and the policy initiatives taken – or to be taken-in response to these developments.

The conference came to the following conclusions:

• Cross-border consolidation has become more important recently due to large transactions in the past five years and the fall of domestic deals;
• the consolidation process is still lagging and requires stimuli;
• the most dynamic area is now located in Central and Eastern Europe;
• the main driving forces of cross-border consolidation are: a) related to size and domestic market limitations; b) regulation; c) technology stimuli;
• the main obstacles are: a) fragmentation of retail markets; b) diverging supervisory rules and practices; and c) impediments to corporate expansion and re-organisation;
• other financial institutions defend alternative models of integration, and believe that the benefits of cross-border consolidation are still uncertain;
• the years to come will bring more activity and the financial landscape will change dramatically;
• the American and, to a lesser extent, Japanese banking institutions will soon be able to enter the European markets through the acquisition of domestic banks, which is considered a threat by industry representatives, and; 
• the current changes to regulatory and supervisory frameworks need co-ordination and co-operation among all institutions involved in the smooth functioning of the financial market.