In this article on the review and prospects of financial services integration in Europe the chair of the Economic and Monetary Affairs, Christa Randzio-Plath draws some conclusions about the parliamentary work during the work on the Financial Services Action Plan set up in 1999.
The European Parliament, in particular the Economic and Monetary Committee have always done its utmost to bring forward this important project and to realise the timely conclusion of the Action Plan's key measures. The FSAP-measures will surely contribute to render European financial markets more efficient and secure and will foster proper cross-border competition. A 'European Passport' has been created in many fields of financial services and will save considerable costs for firms and their clients.
With regard to the perspectives Ms Randzio-Plath states that proper implementation on the national level will be crucial. Additionally, Europe will require further individual directives or packages of measures to complete financial market integration. A particular priority must be the creation of a single area for mass payments and the clearing and settlement of securities transactions. In both fields, Parliament has pressed for action, but the Commission is very slow off the mark in presenting concrete proposals to overcome the shortcoming in those fields.
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© Graham Bishop
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