The Single Market for Financial Services: the European Response to the Process of Financial Transnationalisation. JMWP No. 08.97

Santangelo, Grazia D. (1997) The Single Market for Financial Services: the European Response to the Process of Financial Transnationalisation. JMWP No. 08.97. [Working Paper]

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Abstract

A world-wide process controversially defined liberalisation is occurring in he financial sector. Its main causes can be identified in the changes of the international order after the end of the Cold War as well as in the technological revolution affecting production. As suggested in this paper, this process has implied a de-regulation and re-regulation carried out in an international arena fragmented in regional blocks. In this contest, the implementation of a European Single Market for financial services has been accelerated. De facto, states members are applying the provisions present in the Treaty of Rome, which were not taken into any account in the past. Moreover, in the last years, the path toward a financial integration has continued through new legislation within the European Community. This paper will propose a reading of the Single Market for financial services as a response to the process of financial transnationalisation. This approach to the issue will be supported by two arguments. First of all, the creation of a common financial market has provided the European states with a means of participation in the international re-formulation of this sector; second, the establishment of the Single Market for financial services should prevent European Union (EU) members from financial instability.

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