The incomplete European market for financial services, the obstacles to its integration and the potential benefits from more integration are subject of this book which is largely focussing on retail markets. The analysis can be regarded as a modernised follow-up to the financial market part of the famous 1988 Cecchini Report "The cost of non Europe". Even in the Euro age, retail financial markets in the EU are heavily fragmented and the consumers pay a large price for this fragmentation. This also weakens the growth perspective of EU and its international role. Explanations originate both from natural and policy-induced factors. Priorities for future policies are the dismantling of tax discriminations and further harmonisation in consumer protection and financial supervision.

Cecchini, Paolo, Friedrich Heinemann und Mathias Jopp (2003), The Incomplete European Market for Financial Services, ZEW Economic Studies, Bd. 19, Physica-Verlag, Heidelberg/New York.


Cecchini, Paolo
Heinemann, Friedrich
Jopp, Mathias


European Integration, Financial Markets, Banking, Insurance