Analyse : Consolidation transfrontalière dans le secteur des services financiers en Europe

Ce document de CEPS présente un rapport sur une conférence récente qui a examiné les évolutions, obstacles et initiatives politiques concernant l’intégration des services financiers dans l’UE. 

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.