The UK is developing a new strategic approach to financial market integration in Europe. The HM Treasury, the Financial Services Authority and the Bank of England published a document on the future of financial services in Europe. The document: ‘After the Financial Services Action Plan: A new strategic approach’ considers what can and should be done to further integrate the Single Market in financial services.
The report outlines five priorities which should guide further action:
better implementation and enforcement of EU measures affecting the financial sector;
alternatives to EU regulation. EU competition policy, market-based solutions and initiatives at national level, should be considered first;
better regulation. A proper assessment of the costs and benefits should be undertaken, and financial market participants should be fully consulted;
making the Lamfalussy arrangements work well, and
recognising the global nature of financial services. International action will sometimes be needed to tackle global issues.
A second document: ‘The EU Financial Services Action Plan: Delivering the FSAP in the UK’ outlines the steps being taken by the UK authorities to implement the large number of EU measures that are likely to affect the financial sector over the next three to four years.
A new strategic approach
Delivering the FSAP in the UK
© HM Treasury
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