The European Parliament adopted the report of Ms van den BURG on the current state of integration of EU financial markets. The rapporteur states that it is too early to pass a definitive judgement about the success of the FASAP, since many of the implementing measures have yet to be adopted. They want the Commission to conduct a full evaluation once transposition into national law has been completed. Effective transposition and enforcement will be a key to the FSAP's ultimate success.
The report is broadly supportive of an 'opt-in' pan European Scheme for cross-border retail financial services as well as a horizontal regulatory approach for asset management and the concept of the 'lead' or 'consolidated' supervisors with cross border powers.
The report says any future measures following the FSAP should be targeted at correcting specific market failures, and that they should include a cost-benefit analysis of non-legislative options for addressing the failure. Parliament calls for the Commission to provide a comprehensive study of retail banking services in the Member States and to organise a discussion about the fundamental structure of the EU financial services market, bearing in mind consumer and practitioner interests and European global competitiveness.
The report also urges the various committees of national financial authorities established under the Lamfalussy process to guarantee political control of their European and international work, while calling on the Commission to avoid a situation where regulatory activity ends up with democratic legitimacy neither at national or European level.
© European Parliament
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