The European Council met on 23/24 March 2006. As stated in the presidency conclusions, the Council calls for further progress on simplification and modernisation of the VAT and customs system and the promotion of a fully integrated and well functioning financial market and better access to finance, particularly through the implementation of the FSAP-measures and the Commission's working programme outlined in the White Paper on Financial Services Policy (2005-2010), making progress on clearing and settlement of securities transactions, the creation of a Single Payment Area in the EU, enhancing the framework for cross–border financial sectors supervision and crisis management, and a mutual recognition of accounting standards with the US.
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