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Extra resources for The Transformation of the European Financial System: Second Ecb Central Banking Conference, October 2002, Frankfurt, Germany

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This paper is divided into four sections. In Section 1, we review the history of European banking integration, the costs of “non-Europe” as they were evaluated in the mid-eighties, and the welfare benefits that have accrued to consumers. In Section 2, we attempt to better understand the remaining barriers to the creation of a truly single European banking market. In particular, we argue that the concept of a bank with a single license operating with crossborder branches is more a myth than a reality.

This raises the question of the sources of competitive advantage for local banks. With regard to the underwriting and trading of securities, the dominance of local firms is the result of four main factors: (a) a historical factor, with local banks having privileged relations with the local issuer (customer relations), (b) local expertise in evaluating business risk to price the issue, (c) domestic currency denomination, which facilitates the access to a large investor home base, providing a significant advantage not only in placing the issue, but also in understanding the demand/supply order flows and (d) expertise of local banks in the domestic monetary environment, which provides essential information for operations on the secondary bond market.

89 Source: ECB, OECD, Banca de Espana, Bank of Finland. NA = not available. 89 Source: ECB, OECD, Banco de Espana, Bank of Finland. NA = not available. 1) Methodology: Margin on savings deposits: treasury bill rate - rate paid on savings deposits Margin on consumer loans: rate charged on loan - treasury bill rate Retail intermediation margin: rate charged on consumer loans - rate paid on savings deposits Margin on corporate loans: rate charged on loans - treasury bill rate Dermine 48 b) Cross-Border Banking Business In addition to the law of one price, one can look at a second indicator of market integration, the flows of cross-border banking business.

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