Efficiency Barriers to the Consolidation of the European Financial Services Industry
分析欧洲金融机构跨境整合有限的原因，指出距离、语言、文化、货币及监管差异等效率障碍可能抵消了跨境整合的潜在效率收益。
Cross‐border consolidation of financial institutions within Europe has been relatively limited, possibly reflecting efficiency barriers to operating across borders, including distance; differences in language, culture, currency, and regulatory/supervisory structures; and explicit or implicit rules against foreign competitors. EU policies such as the Single Market Programme and European Monetary Union attenuate some but not all of these barriers. The evidence is consistent with the hypothesis that these barriers offset most of any potential efficiency gains from cross‐border consolidation. Banks headquartered in other EU nations have slightly lower average measured efficiency than domestic banks and non‐EU‐based foreign banks.