Association of German Banks: European retail market is still in its infancy
New publication on the integration of Europe’s financial services markets

28 February 2007 – “The European single market for financial services is not yet complete,” stated Manfred Weber, Chief Executive of the Association of German Banks, in Berlin today. Announcing publication of a new analysis of financial market integration, Mr Weber said that the retail market, in particular, was still in its infancy. Numerous national barriers continued to make it difficult for banks to do business with retail customers across borders. “This means that consumers are still unable to reap the benefits of a single market for financial services,” bemoaned Weber. The Association of German Banks’ assessment matches that of the European Commission, which also identified significant gaps in integration in its White Paper on Financial Services Policy (2005-2010).

Weber described the creation the Single Euro Payments Area (SEPA) at the beginning of 2008 as a milestone for the European financial services market, but pointed out that the legal certainty necessary for implementation was still lacking. To remedy this, the European Payment Services Directive needed to be finalised without delay. Furthermore, a clear commitment by public authorities to use SEPA products was required; they had been far too hesitant in this regard up to now, he added.

Order or download booklet [PDF - 167 KB]