Integrating Retail Financial Markets in Europe

The financial crisis has damaged consumer confidence in the financial services market of the European Union. Trillions of euros in losses and government bailouts have been born partially by taxpayers, small investors, and retail customers in several member states. Against this background, Rym Ayadi argues that European policymakers ought to rethink their approach to financial market integration in order to continue the construction of the internal market for retail financial services. Urgent efforts should be taken to ensure financial safety for retail consumers and to enhance consumer protection at the EU level. To restore market and consumer confidence in retail financial services, Ayadi calls for the implementation of European frameworks for financial safety, regulation, and consumer protection.