06 May 2004

Commission publishes Report of Expert Groups on state of financial integration

The Commission published the reports by the four independent groups of experts on the state of financial integration in the banking, insurance, securities and asset management sectors. The reports identify specific areas where the single financial market can be further enhanced. They suggest that it is too early to draw conclusions on the impact/effectiveness of FSAP measures and stress the need for continued enhancement of the EU financial law-making process.

There is a strong consensus in the reports in favour of extending the current four-level approach to developing EU legislation and of exploiting it as the basis for EU supervisory architectures over the foreseeable future. However, some experts called for further consideration to be given to the possible case for a move to centralised European financial supervision. The banking and insurance groups have identified the current Member-State-by-Member-State approach to supervision of cross-border groups/complex groups as being inefficient for industry and counter-productive from a risk-management perspective. There is a strong plea from these groups for greater rationalisation in the supervision of these groups.

The deadline for comments is 10th September 2004.

Press release
FAQ
Cover note
Banking Group
Insurance and Pensions Group
Securities Group
Asset Management Group

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