The Forces of Change in the European Banking Industry
This chapter analyses a number of environmental forces that have had, and will continue to have, a considerable impact upon the European banking industry: deregulation, globalization, worldwide economic instability, the introduction of new information technologies, and the process of financial innovation that derives from the combination of these factors. It points out that it is necessary to understand the legal and economic environment in which the European banking industry operates, as well as how it has been affected, and can be expected to affect, the future structure of the industry. The chapter explains that the changes in the legal and economic environment are certainly not indigenous to Europe. However, in the United States, such changes have also given way to a very profound transformation of the American banking industry.
Keywords: environmental forces, banking industry, deregulation, globalization, economic instability, information technologies, financial innovation, economic environment
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