UK BANKING INDUSTRY

Economic Integration of European Union and UK Banking Industry

Economic Integration of European Union and UK Banking Industry

Introduction

There are some common basic themes in the European financial services policy and law. These include investors, depositors and the insured protection, prudential supervision of the phenomenon, known as bancassurance or Allfinanz, general rules to prevent money laundering and protection of personal data. The state's role in providing financial services, in particular, the provision for old age and retirement, as an increasingly important political and legislative matters. For these reasons, the harmonization of laws and policies in this area was on the European agenda over the years.

This essay will look at least harmonization of European Union policy in the field of banking, insurance and investment services and how their understanding can be helpful for UK banking industry. In this case, I'll look at the European directives relating to each of these three sectors and discuss the key elements of policy coherence in each region. I will also look at other directives that may not be specific to any one of the areas mentioned above, but in financial services in general. Before doing so however, I will look at the concept of minimum harmonization and what it means in the context of the European Union.

Minimum Harmonisation

Minimum Harmonisation of relatively recent legislative technique used by the European Union directives, the main tool for harmonization of regulations. European Economic Community (EEC) (Treaty of Rome) and the European Commission to the General preference minimal coherence, in contrast to the total, partial, optional horizontal and mutual recognition. Minimum harmonization refers to the process in which only the minimum rules necessary for the functioning of the internal market have been agreed. This "minimum harmonization" can be successful only if the minimum requirements are acceptable to the majority of Member States. The minimum rules established at Community level, but member states have the right to impose, either individually or jointly, more stringent requirements. In fact, where the community sets floor, the Treaty itself establishes a ceiling and the Member States have the right to have discretion between these two parameters. The words "at least" are commonly used in the directives to specify the minimum level of harmonization should be sought to implement the government. This expression has been interpreted by European courts in the sense that if a Member State deems it necessary, they can impose more stringent standards. Member States to impose more stringent requirements should ensure that measures taken under the directives and are not inconsistent with this Agreement. It was created by European jurisprudence, that Member States can not use the concept of minimum harmonization by maintaining a difference in treatment between domestic politics and its policy in relation to another state, so that it creates an advantage for the native state.

Existing single structure of financial services market based on the principle of minimum harmonization and mutual recognition of national regulatory standards and practices. The principle of "governing the country house" is ...