The Drive for Financial Integration: Stability and Inclusion at Risk

  • Jörg Huffschmid

Abstract

Until recently, the regulation of the EU financial services sector concerned mainly banks. Until the late 1970s, banking in most EU states was highly regulated, with little coordination among countries. The First Banking Directive in 1977 provided a minimum level of harmonization, stipulating that bank supervisors should cooperate and that foreign identity was not a ground for refusing a bank licence. It left national regulatory differences intact. In the 1980s, there followed a period of deregulation at the national, as well as at the EU, level. Since the late 1980s, however, the tendency to deregulate has been combined with a renewed attempt at harmonizing regulation for the industry as a whole in the EU (Danthine et al., 1999).

Keywords

Europe Income Egypt Volatility Conglomerate 

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Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 2005

Authors and Affiliations

  • Jörg Huffschmid
    • 1
  1. 1.University of BremenGermany

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