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Relaunching the European Retail Finance Market: Comments on the Commission's Green Paper. ECRI Commentary No. 20, 15 December 2015

Bouyon, Sylvain and Lannoo, Karel. (2015) Relaunching the European Retail Finance Market: Comments on the Commission's Green Paper. ECRI Commentary No. 20, 15 December 2015. [Policy Paper]

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    Abstract

    The European Commission’s Green Paper on retail financial services, published on December 10th, provides valuable insights into the possible benefits of a single market, as well as the obstacles to its development and the possible remedies. While a greater diversity of products within countries could have a positive impact on both consumers and providers, it is also important to highlight that it could contribute to more effective macroeconomic policies at European level. The development of such a single market for Europe where consumers can confidently purchase more profitable financial products abroad necessitates the establishment of a European body along the lines of the US Consumer Financial Protection Bureau (CFPB), or at least the establishment of closer European supervisory cooperation and enforcement. A framework for the digitalisation of financial services should not only focus on mitigating specific types of risk, such as cyber insecurity, lack of privacy and financial exclusion, but it should also continue to maintain a “space of creation” for innovative financial firms.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > banks/financial markets
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECRI Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 17 Dec 2015 13:47
    Number of Pages: 4
    Last Modified: 17 Dec 2015 13:47
    URI: http://aei.pitt.edu/id/eprint/70411

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