Publications

This paper first provides a broad overview of current conditions in the banking industry in some of the countries that will participate in European economic and monetary union. It then goes on to identify a number of important forces for change. Some of these are global in nature, but likely to have a particularly strong impact in continental Europe, while others (such as the introduction of the euro) are distinctively European. The paper then notes just how little restructuring has actually taken place in continental European banking in the last decade and offers some explanations. The conclusion reached is that the banking sector in continental Europe may now be about to enter a period of sharply increased competition. This will pose challenges for national regulators and other policy-makers concerned with the maintenance of financial stability.

Publication:  Bank for International Settlements Date:  1 June 1998 work54.pdf

with Robert N. McCauley, in EMU and the International monetary system, edited by Paul R. Masson, Thomas H. Krueger and Bart G. Turtleboom, International Monetary Fund 1997

Date:  1 May 1997 work41.pdf

in Regulation and supervision of financial institutions in the NAFTA countries and beyond,BIS Working papers no 38.

Edited by George M von Furstenberg, Kluwer Academic Publishers 1997,

Pages 48 – 81

The deregulation of domestic financial markets, in association with technological progress, has led to an explosion of cross-border financial transactions and the cross-border establishment of premises. In turn, this has led to a need for international agreements on how the business of international finance and banking should be conducted.

work38_International agreements in the area of banking and finance .pdf