Tumpel-Gugerell: ECB role in financial integration
Regarding the European banking sector, first integration appears not to be very advanced in retail banking markets, Tumpel-Gugerell said. Second, some of the inherent characteristics of traditional loan and deposit business constrain the cross-border expansion of commercial banking, even in a common currency area. Hence, the implementation of some policies to foster cross-border integration may be ineffective.
There is also increasing evidence that the introduction of the euro has contributed to a reduction in the cost of capital in the euro area, in particular for corporate bond underwriting fees. Monetary integration therefore improved access to finance for investment and the prospect for growth.
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Speech at the ECB-CFS Symposium 'The Role of the ECB in Financial Integration' by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB,
Frankfurt, 11 May 2004.
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