The Incomplete European Market for Financial Services

Looking back over the last decade it can be said with some justification that sig­ nificant progress has been achieved on the way towards fully integrated financial markets in Europe. The 1993 Internal Market initiative and the Euro introduction in 1999/2002 constitute important milestones. The integration process has further been intensified by market developments like the surge in mergers and acquisi­ tions and by technological innovations like internet based distribution. As a result, so...