This dissertation studies the evolution of financial services provided to French and Dutch households between 1960 and 2000. First, I execute an econometric analysis of the evolution of the French and the Dutch household portfolio, with which I show that the institutional environment matters for the allocation of household wealth. Second, I develop an analytical framework with which the institutional evolution of both systems can be analysed. This analytical framework is consecutively applied to study the way in which French and Dutch households finance the purchase of a house and the evolution of household financial assets. The application of the framework yields insights into both the origins of path dependence in both systems and the future of European financial integration.