The technological advances in information and communication technology over recent decades have transformed the way businesses are operating, and have resulted in changes in the patterns of global trade in goods and services. The increased use of processed digital information, computer processing capacity and innovative software, telecommunications and computer networks are rapidly shaping a real knowledge-driven and information-based global economy. Many types of economic activities and transactions, from online reservations to financial services, music downloads, education, professional services and medical advice, consist almost exclusively of digital data circulating over computer networks to which access is affordable, instant and independent of the location of the recipient or the provider of content.

In this global economic landscape, financial institutions and markets are ripe to increase their productivity, lower their costs, enhance customer convenience and develop new products and services. The suitability of financial claims and commitments for being accounted, administered, transferred, performed and settled in the form of digital information elevates network technology into a potential stimulator of beneficial structural reforms in the business of banking and finance. Organized markets, firms, depositors, borrowers, investors and regulators are potential peripheral components of global or regional integrated markets where market entry, sources of funding and opportunities for investment are not disturbed by distance, lack of personal contact and national boundaries.

This book examined the legal aspects of financial integration in Europe and the role of electronic finance in enabling European credit institutions to reach and serve businesses and consumers in other Member States.