Press Release: Financial services: Commission urges Member States and the European Parliament to deliver on time

The case for an integrated European financial sector is greater than ever underlines the European Commission in its latest progress report on the Financial Services Action Plan published on 3 December 2001. The launch of euro notes and coins, the economic slowdown, turmoil in financial markets in the aftermath of the tragic events of 11 September and the fight against terrorism require urgent measures to shield financial markets against instability, boost consumer confidence and stimulate growth. The report reviews progress in meeting the targets set out by the European Councils in Lisbon and Stockholm for the integration of EU financial markets by 2005 and of securities markets by 2003. It notes important progress both on the legislative and non-legislative front. The adoption of the anti-money laundering Directive, agreement on the cross-border payments Regulation, adoption of the European Company Statute, political agreement on the distance marketing Directive and the establishment of the committees for securities proposed in the Lamfalussy Wise Men's report are some of the breakthroughs achieved in the last semester. However, meeting the Action Plan deadlines remains a concern. The proposals on pension funds, prospectuses, financial conglomerates and International Accounting Standards, and a new proposal on Takeover Bids following the European Parliament setback in July, are key measures that should be adopted by end 2002 if they are to be implemented by the agreed deadlines.

http://ec.europa.eu/comm/internal_market/en/finances/actionplan/index.htm http://ec.europa.eu/comm/internal_market/en/finances/actionplan/index.htm

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