Opening remarks at the conference on European Financial Integration : Progress and Prospects Palais d’Egmont, Brussels
Referring to the reports of the four expert groups published by the Commission in early May and the recent Financial Services Committee (FSC) report to Finance Ministers Commissioner Bolkestein agrees that harmonisation should only take place where this increases market access and choice, and improves market outcomes. Also, where there is no demonstrable and duly motivated case for further action, none should be proposed.
“But this understandable wish to ‘get the process right’ should not distract us from the debate on where we want to be in one, five, ten years from now” the Commissioner added.
“The expert groups and the FSC highlighted a number of policy issues”, Mr Bolkestein said. The following questions should help to identify future priorities for policy action:
What are the right mechanisms and structures to ensure the consistent implementation and supervisory convergence needed to ensure effective market access and foster a high level of
consumer confidence?
How can we ensure a better articulation between our regulatory programme and other important policies – such as competition policy or consumer protection?
How can we ensure that effective cross-border competition is not stifled by protectionism masquerading in prudential clothes?
How shall we take forward our work on the integration of retail financial markets? To what extent is the cross-border delivery of retail products and services a realistic, cost-effective ambition?
Speech
© European Commission
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