Consolidation in the European Financial Industry

This book examines the consolidation process that has taken place within the financial system of the European Union. One distinctive feature of this process in the case of Europe is the growing number of cross-border and cross-sector M&As, a key factor in the integration of the credit and financial markets. Unfortunately, this process has not been accompanied by the introduction of effective regulation and supervision for the groups formed, an asymmetry made all too clear at the peak of the financial crisis by the implosion of two of Europe's largest cross-border, cross-sector groups, Fortis and Dexia, and the subsequent rescue operation.

With the aid of case studies on operations carried out in the last decade, this book looks for pointers to the best future role for the corporate governance of intermediaries and financial regulation and supervision.