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The Association of German Banks (BdB) released a booklet on the integration of Europe’s financial services markets analysing Europe’s financial market integration. The paper states that there can still be no question of a true single market for financial services. Further action is required to create an internal market for retail customers, optimise European supervisory structures and eliminate obstacles to mergers and acquisitions in the financial sector.
“The European single market for financial services is not yet complete,” stated Manfred Weber, Chief Executive of the BdB. Mr Weber said that the retail market, in particular, was still in its infancy. Numerous national barriers continued to make it difficult for banks to do business with retail customers across borders.
Weber described the creation the SEPA at the beginning of 2008 as a milestone for the European financial services market, but pointed out that the legal certainty necessary for implementation was still lacking. To remedy this, the European Payment Services Directive needed to be finalised without delay. Furthermore, a clear commitment by public authorities to use SEPA products was required; they had been far too hesitant in this regard up to now, he added.