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21 may 2003

FBF management report 2002

On January 1st 2002, France along with eleven other European countries entered the era of the euro. The changeover to the new currency has been a success thanks to five years of groundwork prepared by banks. Three years to the day after the successful changeover on the capital markets, 60 million individual bank accounts, 36,000 ATMs and 750,000 point-of-sale terminals bid farewell to their old currency...


And yet... Although the arrival of the euro was essential and highly symbolic, it is still only one step down the road towards Europe. The single currency is not enough to create a European single market for banking and financial services.

Admittedly, the financial markets are already very

integrated, but retail banking remains extremely

fragmented in Europe.

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