The credentials of the contributors to, and the comprehensiveness of the contents of, this compilation create confidence and concitation. Its chapters are: 1, “The Implications of the Single European Market For Banking and Finance [comprised in] An Overview” (23 pages); 2, “A European Union Banking Law [comprising] the Second Banking and Related Directives” (34); 3, “Retail Banking Services in the Single Market” (15); 4, “The European Union Single Banking and Finance Market[‘s] Impact on European Banks, Their Structure, Operations and Accounts” (22); 5, “Reciprocity and the Second Banking Directive” (8); 6, “Deposit Guarantee Schemes and Home Country Control” (15); 7, “1992[‘s]… Insolvency Implications for Banks” (18); 8, “EC Banking Law in an International Context” (31); 9, “Banking Beyond the Single Market [i.e.] Monetary Policy and the European Single Bank” (17); 10, “The Investment Services Directive” (28); 11, “Securities for Indebtedness and their Registration under European Law” (24); and 12, “Payment and Clearing Systems” (22). They have been written by various academics and practitioners based in Birmingham, Brussels, Dusseldorf, Exeter, Frankfurt, Harvard, London, New York and Oxford. There is a discrepancy between the table of contents and the list of contributors in that the former states that the first of the joint authors of Chapter 4 is called “Michael Fowle”, whereas the latter implies, and p. 96 states, that he is Brendon Nelson. The appendix consists of the Second Council Directive 89/646/EEC of 15 December 1989.

As the title of the book leads one to expect, the editor and contributors are concerned to describe the present state of European Law on Banking, while taking particular account of the Single Market’s actual or potential effect, or the lack of it. Thus in Professor Cranston’s own Chapter 12, on p. 259, we read: “The competition law of the Community is relevant to the question of access…. The Community probably has less to say about the actual operation of payment and clearing systems. The contractual relationships outlined above will continue to be a matter mainly of domestic law.” With such breadth and as indicated by the brevity of the chapters, one cannot expect much detail. Hence, on p. 217, Professor Pennington confesses: “In order to keep this Chapter [11] within a reasonable size, the systems of law which will be examined in some detail will be confined to French and German law.”

In his preface Paolo Clarotti, who when the first edition was published in 1991 was the Head of the Banking and Financial Establishments’ Division of the European Commission, but is now the Commission’s Adviser on Questions Relating to Central and Eastern European Countries, raises the question, why Professor Cranston has decided to issue a second edition, when the first appeared so recently and at: “an ideal moment… on the verge of the famous 1992 target which … marked the birth of the single European market for almost all economic activities, and above all for the banking sector.” The preface suggests the following reasons: “First…, because even if the main legal framework has been settled, there are still a lot of questions open as to the practical implementation of the different measures…. Secondly, because … even if one cannot yet draw final conclusions on the impact on banks, some observations can already be made, notwithstanding the fact that it is impossible to isolate accurately the impact of the Single Market programme from other influences … Thirdly, because the whole picture has changed …; today the target is European