By Morten Balling, Elizabeth Hennessy, Eduard H. Hochreiter
According to a colloquium held via SUERF together with the Austrian nationwide financial institution, this e-book addresses the difficulty of adapting to the calls for of monetary globalisation, a urgent preoccupation of bankers monetary associations and monetary gurus.
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Additional resources for Adapting to Financial Globalisation
The jury is still out and will probably remain so for some time. Be what it may, most banks seem to favor a twofold M&A strategy: • • Firstly, they are keen to defend their position in the domestic stronghold against potential foreign competitors, which leads them into mergers with national competitors. Secondly, in a more offensive way, they seek to establish bridgeheads in the paneuropean market by acquiring interests in foreign institutions. Such interests consist of at least large minority positions, but in some cases majority or even full-ownership is attained.
Paul Krugman suggests that economists need to rethink their traditional antipathy towards controls on capital controls outflow, whereas Barry Eichengreen is among the many who advocate Chilean-style controls on capital inflows. Henry Kaufman recommends creating a single global super-regulator of financial markets and institutions, and Jeffrey Garten proposes a world central bank with responsibility for overseeing a new global currency. ’ (See Rogoff, 1999, p. ) 4 Others are: macroeconomic risks (loss of instrument); mergers, acquisitions and transeuro banking.
The top five deposit-taking institutions in each European country easily account for 40 to 55% of total banking assets, against 17% in the States. The top ten institutions share 60 to 80% of the market, versus 26% in the States. In banks, like in other industries, top managements, staff and trade unions show some reluctance towards full-scale cross-border M&As, although, as we have seen recently, things are changing. Banking consolidation in Europe 23 The problem is exacerbated by the absence of a European corporate law, which leaves no choice but to elect one of the national laws.