歐元國家消費金融業整合進程2003-2009 ─ 以信貸市場為例

Abstract

歐盟消弭歐洲國家之間存在的差異性，建立整合的歐洲以達成和平的目標，是全世界津津樂道，更是奉為區域整合的最佳教材，而金融整合的議題一直是其中最受關注的焦點。從歐洲共同體所發布第一條與金融整合相關的法規至今已近五十年了，綜觀這五十年，歐洲金融市場整合的整體發展是相當成功的，但呈現的結果卻相對不均衡。從許多相關文獻指出，貨幣市場及債券市場的整合都是有目共睹的，反觀消費金融業﹝信貸市場﹞的整合卻是大大落後。因此本研究將檢視2003年至2009年的歐元國家消費金融市場整合的情況，並分析市場的特性以及日後的發展。 本文先對歐盟組織的發展做一個簡述，再對歐洲聯盟及其前身促進消費金融整合的法規進行總覽，接著分析歐元問世對消費金融整合所帶來的變化，及討論金融整合對市場帶來正面以及負面的影響，最後對近期消費金融整合的發展做一個探討。在整合程度分析中，將運用歐盟自2003年所公布的依各國定義調整的調和貸款利率、消費者貸款利率、房貸利率及定存利率進行分析，本研究將採用兩種衡量方式，分別為「價格基礎衡量方法」以及「新聞基礎衡量方法」，探討2003年至2009年信貸市場的整合歷程。

Achieving invaluable peace in Europe, The European Union made lots of efforts erasing the differences in every aspect between its member states. The development of integration always concerns the rest of world very much, because the EU has been considered as the guidelines for regional integration. However, the development of financial integration within Europe is always the one drawing the most attention. It has been almost 5 decades since the European Economic Community (EEC) announced the first rule associated with financial integration. In general, the development during these 50 years is significant but imbalanced. According to related literatures on European financial integration, the degree of integration in money market and bond market are great, but, on the other hand, retail banking (credit market) is relatively lagging behind. As a result, this research will mainly focus on the process of retail banking integration in Euro countries during the period from 2003 to 2009, and further analyse the traits of retail banking industry so that predict the future progress. This research will start with the brief introduction of EU’s organizational change and an overview of legislative achievements related to European financial integration. This research will also introduce how the emergence of Euro affected European financial integration. Next step will discuss the benefits and disadvantages brought by financial integration and, in the end, this research will conclude the development of retail banking during the period from 2003 to 2009. In the analysis of integration degree of retail banking, based on the harmonized interest rates of loans, consumer loans, mortgage, and maturity deposit in Euro countries published by the EU, this research will take two different kinds of measurements, price-based and news-based, to see the process of retail banking integration from 2003 to 2009.