Its been more than 20 years since plans for a single financial services market in Europe first took shape, but progress has been limited, inhibited by national interests and a heterogeneous marketplace, characterised by differing rules and regulations.

Figures for cross-border personal financial services show how limited it is. The share of consumers who have bought banking products from another member state is less than 3 per cent for credit cards, current accounts and mortgages; only 5 per cent of consumer loans have been obtained cross-border; and cross-border insurance accounted for only about 3 per cent of total gr…

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