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Liberalization and Regulation in the Process of Financial Market Integration in the European Community

  • Franco Reither

Abstract

In 1986 the twelve member countries of the European Community (EC) signed the “Single European Act” according to which the internal market should be established by the end of 1992. The plan is to have a market without internal frontiers allowing the free movement of goods, services, labor, and capital. As an essential component, the completion of the 1992 single market program involves the realization of a genuine EC-wide common financial market. This paper is concerned with major achievements and shortcomings in the realization of the program to complete the so-called “financial dimension” of the internal market. It emphasizes the efforts towards the liberalization of capital movements and towards the creation of a new regulatory order for the community-wide supply of financial services as the two basic forces driving the process of financial market integration in the EC.

Keywords

Member State Monetary Policy Financial Service Mutual Recognition Credit Institution 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Endnotes

  1. 1.
    Sydney J. Key (forthcoming). Is National Treatment Still Viable? U.S. Policy in Theory and Practice. Proceedings of a Conference on World Banking and Securities Markets after 1992. International Center for Monetary and Banking Studies, Geneva, February 15–16, 1990, currently available as International Finance Discussion Paper 385, Board of Governors of the Federal Reserve System, September 1990.Google Scholar
  2. 2.
    Sydney J. Key (1989). Mutual Recognition: Integration of the Financial Sector in the European Community. Federal Reserve Bulletin, September, 75, 591–609.Google Scholar

Copyright information

© Springer-Verlag Berlin · Heidelberg 1991

Authors and Affiliations

  • Franco Reither

There are no affiliations available

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