Europe’s financial markets and global competition

The seminar on “Europe’s financial markets and global competition”, held as part of the Aspen Seminars for Leaders program, set out to assess the competitiveness of the European financial system and its prospects for further integration and consolidation. Particular attention was also paid to the legislative framework and whether it was capable of keeping pace with rapid changes in the market. With new players entering the arena, such as the hedge funds and private equity funds, the structures of financial markets have changed with consequences even for the corporate governance of listed companies. Also discussed were the transformations resulting from the establishment of new stock exchanges beyond the traditional exchanges in London and New York. Finally, it was acknowledged that companies in the international system are often faced with a strategic dilemma: either they remain listed to take on the global competition or they opt to delist and operate with the assistance of the banking system.