Financial Integration in Europe and Banking Sector Performance

Abstract

Legally, virtually all direct barriers to the cross-border activities of banks in Europe have been abolished in the past decades. Hence, Europe might be considered one of the most integrated banking markets world-wide. However, there is ample evidence suggesting that financial market integration de facto is smaller than one might expect in fully integrated financial markets.This study tries to give an answer to three questions: — Has integration promoted cross-border banking? — What are the segmenting barriers to a full integration of financial markets? — What have been the effects on the performance of banks?

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