"The Evolution of Rules For A Single European Market in Leasing"

It is argued that completion of the internal market for leasing requires sufficient openness of national markets for competition between rules to take place. This study of the leasing industry in the European Economic Area analyses those aspects of the European Commission's Single Market Programme which are intended to achieve this aim and pinpoints tax harmonisation, banking regulation and mutual recognition of accounting standards as the main areas of Commission regulatory activity which will impact on the evolution of rules for the industry. The paper looks at the structure of each national industry and highlights the constraints and driving forces within each rule system which will influence the process of change. It is concluded that relatively high levels of ompetition between rules are actually occurring. For some time to come, national markets will continue to be segmented and it is questionable whether a European leasing industry will actually emerge