By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter
According to a colloquium held through SUERF together with the Austrian nationwide financial institution, this booklet addresses the difficulty of adapting to the calls for of economic globalisation, a urgent preoccupation of bankers monetary associations and monetary specialists.
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Additional info for Adapting to Financial Globalisation
Furthermore, the Treaty stipulates that, without prejudice to the objective of price stability, the Eurosystem shall support the general economic policies in the European Community with a view to contributing to the objectives of the Community. The latter include, inter alia, sustainable and non-inflationary growth and a high level of employment. The Treaty therefore establishes a clear sequence of objectives for the monetary policy of the Eurosystem, with price stability unambiguously being the sine qua non.
And the implementations of synergies in the face of large restructuring is slowed down by the rigidity of labor markets and the sensitivity to layoffs. Conclusion At the end of 1999, Western Europe had almost fifty banks with a market capitalization in excess of €5 billion, not to mention a few additional large non-listed institutions. Half of those listed banks had a market capitalization in excess of €15 billion. Most of them, if not all of those institutions, would probably claim that Europe is or will be their domestic market.
If the European consumer undoubtedly exists, European banking services remain largely to be invented. The main benefits of M&As are rather to be reaped in the form of asset size, increase in market shares, and diversification of revenues. The web of cross-holdings which exist between European institutions may also be an obstacle to hostile bids. Until the proposals to change the capital gains taxation in Germany, there was another obstacle to the unbundling of that web of cross-holdings. Finally, last but not least, the rapid development of internet and electronic banking may make cross-border deals less profitable to the extent that they involve traditional ‘bricks and mortar’ retail banking networks.