Globalisation of financial services : fresh challenges, opportunities and benefits for the European businessman and consumer

Abstract

By globalisation we simply mean the process of increasing interconnectedness between societies such that events in one part of the world more and more have the effects on peoples and societies far away. The aim of this dissertation is to give an overview of Financial Services in a globalised era. The focus will be on the Political connotations of the relevant Economic events. The globalisation of financial services can be best defined by looking at the actual achievements along the way to further liberalisation in the sector. Financial globalization has indeed deepened in recent years, with emerging economies participating actively, but not always smoothly, in this process. Emerging countries have issued significant amounts of debt and equity in the international financial markets. There has also been a marked increase in trade and FDI in international financial services activities and a consolidation of financial institutions, with foreign banks playing a predominant role.