The Making of the European Financial Area: Global Market Integration and the EU Single Market for Financial Services
The making of the European financial area is the clearest contemporary example of how states, regulatory authorities, and networks of market interests can combine to redefine the boundaries of financial markets in terms of both space and characteristics. By forging the single market for financial services as a major part of the Single Market Programme (SMP) of the then European Communities, the EU member states and their various financial market constituencies agreed to extend markets across political boundaries in ways once thought impossible or at least very unlikely. The EU negotiators of the legislation proposed in the 1985 Commission White Paper and of the 1986 Single European Act1 transformed a number of relatively closed and restricted domestic financial markets into a desegmented, transnational financial space contiguous with global markets.
KeywordsFinancial Market Financial Institution Financial Service Capital Mobility Security Market
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