Consequences for Greece and Portugal of the opening-up of the European banking market

Abstract

Committed, as they were by membership of the European Union, to the removal of exchange controls and to allowing entry through crossborder provision of banking services, Greece and Portugal (the least prosperous and most peripheral countries of the Union) have experienced financial liberalization on a wide front. The result has been a huge expansion in the domestic financial sector. Interest rate spreads increased at first, but competition has reversed that initial trend and consumer benefits have been substantial. Although the trigger for these changes was internationalization, the changes have been largely domestic: penetration of foreign-owned banks has been remarkably limited.

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