On the occasion of the World Congress of Financial Executives in
Berlin, Commissioner McCreevy outlined the future priorities of financial integration in the EU. He underlined that the motto is 'dynamic consolidation' which will focus on implementation and enforcement of existing EU legislation rather than a new set of regulations. To create unified regulations and enhanced competition, transposition delays and overregulation have to be avoided.
“Another key issue is supervisory convergence”, McCreevy said. “I want to see practical cooperative solutions to alleviate duplicative or excessive regulatory burdens”, he continued. “We will help the supervisory committees wherever we can. I won't hesitate to suggest reforming the system if I see that it doesn’t do the job”.
The only new initiatives are dedicated to form the Single European Payment Area to be fully realised by 2010. On mortgage credit a White Paper will be published next year, outlining the steps needed for an integrated EU mortgage markets. Finally, the Commission will publish a White Paper on asset management before years end. Legislative proposals are to be expected next year, after further consultation.
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