Financial Services Action Plan: Expert Groups report on financial integration

As the legislative phase of the Financial Services Action Plan (FSAP) draws to a close, the Commission has launched a wide-ranging and open review to take stock of the state of integration of Europe's financial markets. In May 2004 the European Commission published four open consultation reports by four independent groups of experts on the state of financial integration in the banking, insurance, securities and asset management sectors. The reports, which reflect the consensus view of the group members and not necessarily that of the Commission, provide a comprehensive assessment of the extent to which different types of financial business can be undertaken on a pan-European basis. They also outline the main expectations and concerns of the different sectors regarding the implementation and enforcement of Financial Services Action Plan (FSAP) legislation. Based on these reports and reactions to them, the new Commission will be in a position to consider, early in its mandate, how to ensure the effective implementation and enforcement of the measures agreed under the FSAP and how best to build on those measures to complete the integration of EU financial markets. The deadline for comments on the expert reports is 10th September 2004.

• Primary Source

http://ec.europa.eu/comm/internal_market/smn/smn34/docs/smn34-trilingual.pdf http://ec.europa.eu/comm/internal_market/smn/smn34/docs/smn34-trilingual.pdf

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

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