By Morten Balling, Frank Lierman, Dr Andy Mullineux
Monetary companies companies play a key function within the ecu financial system. The potency and profitability of those organizations and the contest between them impact allocation of reductions, financing of funding, financial development, the soundness of the economic system and the transmission of economic coverage. This collection of analysis contributions comprises reviews of tendencies within the ecu monetary provider and examinations of the riding forces of potency, festival and profitability of monetary businesses and associations in Europe. The papers were written via best lecturers and researchers within the box, who focus on strategic, systematic and coverage concerns concerning the ecu monetary prone undefined. This edited assortment should be might be crucial analyzing for college kids and lecturers yet can also be of curiosity to monetary practitioners and executive officers attracted to buying a deeper realizing of this complicated factor.
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Extra info for Competitioni And Profitablility In European Financial Services: Strategic, Systemic And Policy Issues (Routledge International Studies in Money and Banking)
Example text
Financial instability may reveal itself, first, via excessive volatility in asset prices, which can move substantially away from the value which, in principle, their fundamentals would warrant. In such cases, the correction of these deviations in some markets may occur abruptly and significantly disturb the real economy. To be sure, a certain degree of volatility in asset prices is simply the reflection of the normal workings of markets. Likewise, poor results posted by a specific financial institution, and even its bankruptcy, may simply be a consequence of its poor management, without systemic implications.
Nevertheless, this industry is clouded by internal challenges and competitive threats. It is difficult to predict which specific pathway its evolution will follow, but it is true that this industry has not gone through a strong restructuring process as other European industries, and the room for efficiency improvement is still significant. In this section, we will discuss four major challenges that European banks will have to tackle over the next few years, because their survival depends very much on their success in overcoming more intense competition for clients and markets: closing the performance gap with US banks, fostering strategic renewal, managing organization complexity and improving corporate governance.
The growth challenge is the next issue to be discussed. 1 Return on equity (ROE). 2 Strategic renewal Concern about banks’ market value has focused the attention of senior managers inside and outside the banking industry. Nevertheless, this approach is essentially flawed, since the share price should be the outcome, not the driver, of a good business strategy. There is a sense of despair about the market value of some European banks, with a significant asset size, in particular, when they compare their valuation vis-à-vis US banks’ valuations.