A series of measures have been outlined in the Financial Services Action Plan to ensure an integrated financial market. The FSAP was endorsed by the Cologne European Council in June 1999 and the Lisbon European Council in March 2000 set the deadline of 2005 for its implementation. The Stockholm European Council strongly reaffirmed the importance of implementing the Action Plan by 2005 and set a new deadline of 2003 for the full integration of the European Securities markets.
The Action Plan suggested indicative priorities and time-scales for legislative and other measures to tackle three strategic objectives, namely ensuring a Single Market for wholesale financial services, open and secure retail markets and state-of-the-art prudential rules and supervision.
The main strategic objective of the FSAP is to enhance the functioning of underperforming pan-European financial markets and, by so doing, improve the prospects for sustainable, investment-driven growth and employment.
This timeline covers the main general events towards the creation of a single financial market up to 2004.
Financial Services Action Plan