ECB Report on Financial Integration in Europe April 2008 Lucas Papademos
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1 ECB Report on Financial Integration in Europe April 2008 Lucas Papademos Frankfurt am Main, 29 April
2 Structure of the report Chapter 1: State of financial integration in the euro area Assessment based on a set of quantitative indicators, developed by the ECB Chapter 2: Special Features In-depth analyses of selected issues relating to financial integration Chapter 3: Eurosystem activities Overview of the main activities during the previous calendar year aimed at fostering financial integration 2
3 Chapter I: The state of financial integration Financial markets Market State of integration Related infrastructures Money markets a) Unsecured Near perfect Fully integrated b) Secured Advanced Collateral leg fragmented Bond markets a) Government bonds Very advanced Fragmented b) Corporate bonds Fair Fragmented Equity markets Incipient Highly fragmented 3
4 Chapter 1: The state of financial integration Banking markets Market State of integration Related infrastructures Wholesale banking Well advanced Fully integrated Capital-market activities Advanced Fragmented Retail banking Very low Highly fragmented 4
5 Chapter 1: Signs of turmoil in money market Cross-country standard deviation of average unsecured interbank lending rates across euro area countries (61-day moving average, basis points) overnight 1-month maturity 12-month maturity Sources: : EBF, ECB calculations. 5
6 Chapter 1: do not necessarily imply increased segmentation Cross-country standard deviation of average interbank repo rates across euro area countries (61-day moving average, basis points) month maturity 12-month maturity Sources: : EBF, ECB calculations. 6
7 Chapter 1: Retail banking market still fragmented Dispersion of the total assets of euro area bank branches and subsidiaries across euro area countries (as a percentage of the total assets of the euro area banking sector) Branches Subsidiaries Source: ECB. 7
8 Chapter II: Special Features In-depth assessments of major policy issues and/or analytical studies on financial integration Selected on the basis of their importance to the EU s financial integration agenda and relevance to the ECB s tasks Special Features of the April 2008 report: Financial development: concepts and measures The STEP initiative Integration and development of mortgage markets in Europe Integration of large-value payment and securities transactions: TARGET2, T2S and CCBM2 8
9 Chapter II: 1. Financial development Process of financial innovation, institutional and organisational improvements in the financial system that reduce asymmetric information increase the completeness of markets and contracting possibilities lower transaction costs and enhance competition Financial development is complementary to financial integration in reducing market frictions and fostering financial market efficiency 9
10 Chapter II: 1. Financial development Fundamentals of the financial system Legal System, Financial Regulation and Corporate Governance Monetary Institutions Financial Structure Market Infrastructures Other Structural Features Financial Integration Financial Development Performance of the financial system Financial Efficiency Financial Stability Performance of the economy Economic Efficiency Economic Growth Economic Stability Price Stability 10
11 Chapter II: 1. Financial development A selection of indicators to monitor and assess frictions in the financial system Example 1: Capital Market Size (as percentage of GDP) % 700% 600% 500% 400% 300% 200% 100% 0% AT BE DE ES FI FR GR IE IT LU NL PT EA CH SE UK JP US Euronext Countries Sources: BIS, ECB, Eurostat, Datastream, IMF, WFE and own calculations. 11
12 Chapter II: 1. Financial development Example 2: Notional amounts outstanding of OTC single currency interest rate derivatives (EUR billions) Euro Pound sterling Swedish krona Swiss franc US dollar Yen Sources: BIS and IMF. 12
13 Chapter II: 1. Financial development 700 Example 3: Notional amounts outstanding of OTC single currency interest rate derivatives (EUR billions; 1999=100) Euro Pound sterling Swedish krona Swiss franc US dollar Yen Sources: BIS, IMF and own calculations. 13
14 Chapter II: 1. Financial development Example 4: Securitisation (as percentage of GDP, by country of collateral) 30% % 20% 15% 10% 5% 0% AT BE DE ES FI FR GR IE IT LU NL PT EA CH SE UK JP US Sources: European Securitisation Forum, Bond Market Association and Eurostat. 14
15 Chapter II: 1. Financial development Example 5: Venture capital financing (early stage investments, as percentage of GDP) 0.14% % 0.10% 0.08% 0.06% 0.04% 0.02% 0.00% AT BE DE ES FI FR GR IE IT LU NL PT EA CH SE UK JP US Sources: World Bank: European Private Equity and Venture Capital Association, PricewaterhouseCoopers and Eurostat 15
16 Chapter II: 1. Financial development Two main conclusions: A fair degree of heterogeneity in financial development exists across markets and countries in the euro area Scope for further analysis of indicators of financial development and for the implementation of reforms to increase financial efficiency 16
17 Chapter II: 2. The STEP initiative Targeted to improve integration in the short-term securities market, the least integrated segment of the money market Improves integration via Development of core market standards and practices Voluntary compliance of market participants Significant progress in market integration and transparency There are still important challenges being faced in expanding the usage of the STEP label 17
18 Chapter II: 3. Mortgage markets Mortgage markets are an important part of the euro area financial system State of European mortgage markets: Low degree of integration; lending and funding markets continue to be fragmented and diverse across countries Slow progress towards further integration Causes Natural obstacles: language, culture, preferences Other obstacles: domestic infrastructures, legal and consumer protection frameworks 18
19 Chapter II: 3. Mortgage markets Diversity on the lending side New business volume of loans to households for house purchase by period of initial rate fixation (percentages of total; average between January and November 2007) 100% Over ten years Over five and up to ten years Over one and up to five years Floating rate and up to one year 80% 60% 40% 20% 0% euro area AT BE DE ES FI FR GR IE IT LU PT NL 19
20 Chapter II: 3. Mortgage markets Diversity on the funding side Share of covered bonds and Residential Mortgage-Backed Securities (RMBSs) as the source of residential mortgage funding (end 2006; percentages) 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Belgium Germany Greece Spain France Ireland Italy Cyprus Luxembourg Malta Netherlands Austria Portugal Slovenia Finland Bulgaria Romania UK Czech Republic Denmark Estonia Latvia Lithuania Hungary Poland Slovakia Sweden Euro area (15) EU (27) US C o v e r e d b o n d s R M B S 20
21 Chapter II: 3. Mortgage markets Further integration desirable: More homogeneous transmission of monetary policy More stable financial system But: May also entail certain risks Careful monitoring of process is therefore needed 21
22 Chapter II: 3. Mortgage markets Significant progress can be achieved by the actions of market participants The Eurosystem stands ready to support and assist market initiatives in the areas of Improved transparency and statistics Promotion of standardised mortgage products Development of market benchmarks 22
23 Chapter II: 4. TARGET2, T2S and CCBM2 TARGET and CCBM: first-generation systems providing euro area-wide payment services, but did not yet allow to manage cash, collateral and securities positions in an integrated way TARGET2 has provided both the trigger and the enabler of new integration initiatives, T2S and CCBM2 Significant combined benefits from the three systems, which include allowing market participants, issuers and investors to operate throughout the euro area on a single interface basis 23
24 Chapter III: Eurosystem activities Four types of Eurosystem activities that foster European financial integration: Giving advice: e.g. review of the Lamfalussy framework Acting as a catalyst for private sector activities: e.g. STEP initiative Enhancing knowledge and monitoring: e.g. indicators of financial integration Providing central bank services: e.g. TARGET2 24
25 Concluding remarks The efficiency of the financial system depends on: Financial integration Financial development Future reports are envisaged to encompass analysis and assessment of the various factors determining the efficient functioning of the financial system Special feature on financial development is a first step in this direction 25
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